Gold at $40K in 5 Yrs Is ‘Conservative’ If This Crisis Unfolds | John Butler & Michelle Makori
Jul 30, 2026 #foodcrisis #fertilizer #harvest
Michelle Makori, President & Editor-in-Chief, Miles Franklin Media, speaks with John Butler, independent investment consultant and author of The Amphora Report, who warns that markets are watching commodity prices while missing the rapid depletion of critical inventories. Butler argues that disruptions to fertilizer, energy and industrial supply chains could severely damage the 2027 global harvest – even if the war ends immediately – and unleash another wave of food inflation. He explains why private credit, illiquid investments and leveraged financial markets could combine with this supply shock to produce a crisis comparable to 2008. Butler also reveals why he expects double-digit inflation, gold at $6,000 to $8,000 by the end of 2027, and potentially $40,000 gold within five years.
In this episode of The Real Story with Michelle Makori:
Why falling inventories may be hiding the true scale of the supply crisis
How fertilizer disruptions could devastate the 2027 global harvest
Why the next financial crisis could be comparable to 2008
The growing liquidity risks inside private credit and financial markets
Why Butler sees double-digit inflation and gold potentially reaching $40,000
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Follow John Butler on X: https://x.com/ButlerGoldRevo
You can subscribe to The Amphora Report here: https://theamphorareport.substack.com/
#foodcrisis #fertilizer #harvest #financialcrisis #markets
00:00 Coming Up
01:34 Introduction
03:20 Inventories Not Prices
06:30 Hormuz Supply Chain Shock
10:23 Titanic Moment for Markets
12:58 Fertilizer Timing and Harvest
19:43 Why Markets Ignore Food Risk
22:54 Can Supply Be Rerouted
30:40 Models Fail and Funds Blow Up
34:52 Panic Signals and Positioning
37:44 Lehman Lessons and Credibility
40:42 Hard Assets Playbook
42:45 Private Credit Liquidity Trap
45:34 Next Crisis Won’t Look Same
51:47 Let Markets Choose Again
55:04 Inflation Case for 2027
56:58 Fed Independence and CPI Games
01:01:34 Warsh, Greenspan, and Gold
01:04:56 Gold Targets and What They Mean
01:06:50 Wrap Up and Where to Follow
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