#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…

People in this episode

Host: Julia La Roche

Guest: Chris Whalen

Topics covered

• Iran conflict
• housing market
• gold investment
• energy prices
• economic outlook

Keywords

• Iran
• housing market
• gold
• energy prices
• economic outlook
• Chris Whalen
• Trump administration
• investment strategies

Sponsors

Goldco

Mentioned in this episode

Organizations: Trump administration, The Institutional Risk Analyst

Products: gold, silver

Books & works: The Wrap

Places: Iran, Afghanistan, Vietnam, Saudi Arabia, Israel, Houston, Clearwater

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