Recorded on March 19 2026
David Hunter returns to Natural Resource Stocks to explain why he sees the current weakness as a correction rather than a final top, and why he believes a much larger upside move could still be ahead. He breaks down why negative sentiment, war headlines, and profit taking may actually be helping build the next leg higher in equities, metals, and select miners. Hunter also lays out his big targets for the S&P 500, Nasdaq, Dow, Russell, gold, and silver, while arguing that oil could reverse sharply once Iran fear cools off. The conversation then shifts to the bigger picture as he explains his 43 year secular top thesis, why he thinks recession risk is building, and how leverage could turn the next downturn into a banking crisis worse than 2008 and 2009. Andy presses him on what changed since the last interview, what could drive the second quarter move, and why he believes risk reward still favors upside from here. This is a full macro conversation on sentiment, geopolitics, oil, gold, silver, miners, equities, recession, and the global bust thesis. #Millettian
Key topics
Iran, war headlines, and the current market correction
Why Hunter still sees big upside in the second quarter
Oil downside once conflict premiums fade
Gold and silver targets and how he views the current pullback
Why miners could still have major upside
The role of sentiment, technicals, macro, and fundamentals
S&P 500, Nasdaq, Dow, and Russell upside targets
The 43 year secular top thesis
Recession risk, private credit stress, and commercial real estate
Why he thinks the eventual banking crisis could be worse than 2008 and 2009
What investors should watch in the short term
How to reach David Hunter
Guest links
X https://x.com/DaveHcontrarian
Investment letter inquiries through X direct message
Host Andy Millette Natural Resource Stocks
Website https://www.NaturalResourceStocks.net
YouTube Main https://www.youtube.com/@naturalresourcestocks
YouTube Clips https://www.youtube.com/@NaturalResoureStocksClips
X https://x.com/theandymillette
LinkedIn https://www.linkedin.com/in/andymillette/
Natural Resource Stocks LinkedIn https://www.linkedin.com/company/naturalresourcestocks-net/
Natural Resource Stocks Facebook https://www.facebook.com/people/Natural-Resource-Stocks/100090526686713/
Natural Resource Stocks TikTok https://www.tiktok.com/@natural.resource.stocks
Natural Resource Stocks Instagram https://www.instagram.com/naturalresourcestocks/
Chapters
00:00 Intro and last interview recap
00:38 Iran, war headlines, and the correction
05:10 Sentiment and money flow
07:45 Oil spike and downside view
10:28 Let the market work
10:52 Gold and silver pullback setup
13:04 Silver 180 and gold 6800
14:16 Why weakness may be opportunity
15:08 What powers the next leg higher
16:02 The 43 year secular top thesis
19:05 S&P 9500 and the fast upside case
20:18 Why the bust comes later
23:35 Global leverage and possible triggers
24:18 Short term risk reward
25:56 How to reach David Hunter
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