#359 Chris Whalen: No Vision of Victory in Iran, Housing Has Peaked (For Now) & Time To Buy Gold
About this episode
Chris Whalen discusses the lack of a clear victory vision in Iran, the peak of the housing market, and the potential for gold investments.
In this episode of The Wrap, Chris Whalen says the US has no vision of victory in Iran — like Afghanistan and Vietnam, we went in without knowing what winning looks like and are now backing down without reopening the Strait of Hormuz. The Trump administration went from threatening to destroy Iranian civilization to total capitulation in weeks, leaving the Saudis and Israelis furious. Meanwhile Iran is extorting $1 per barrel in yuan or bitcoin to let ships through, China is standing behind the curtain in Pakistan pulling the strings, and even if the ceasefire holds it could take a year before energy and byproduct flows normalize. On housing, Whalen calls the peak — Q1 2026 was probably it — and says the answer to what happens to home prices is "nada to lower," with Houston and Clearwater already seeing serious erosion and the broader market heading for years of sideways action. Rising energy prices mean the Fed is forced to wait on cuts, making 2026 a very different year than 2025. His portfolio is defensive — income assets, Annaly, and gold is his only high-conviction trade. He bought more gold the morning of the recording and says both gold and silver remain…
Sponsors
Goldco
More episodes of The Julia La Roche Show
- #362 Chris Whalen: DOJ Drops Powell Probe — "Trump Could Be Attacking Warsh By Thanksgiving," Stagflation Is the Base Case, The Real Private Credit Risk, & Why Distressed Real Estate Is The Next Trade
- #361 Dr. Mark Thornton: We're on the Highway to Hyperinflation
- #360 Chris Whalen: Even If We Cut a Deal Today Inflation Is Not Behind Us
- #360 Michael Howell: We've Hit An Inflection Point — We're In The Speculation Phase And Turbulence Is Coming For Markets
- #358 Danielle DiMartino Booth: The Fed Knows the Data Is Broken, Private Credit Is Contagious, and Nobody Is Fighting for American Families
- #357 Henrik Zeberg: "We Have Not Seen The Top Yet" — Why The Nasdaq Could Rally 30%
Explore listener stats, chart rankings, contacts and more on the The Julia La Roche Show podcast page.