Episode
#359 Chris Whalen: No Vision of Victory in Iran, Housing Has Peaked (For Now) & Time To Buy Gold
- Podcast
- The Julia La Roche Show
- Published
- Apr 11, 2026
- Duration seconds
- 2028
- Processing state
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Summary
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 asymmetric bull trades given supply constraints and Asia's dominance as the new price setter for precious metals. Thank you to our partners at Goldco. Get your free 2026 Gold & Silver Kit at https://goldco.com/thewrap Links: The Institutional Risk Analyst: https://www.theinstitutionalriskanalyst.com/ The Wrap: https://www.theinstitutionalriskanalyst.com/post/theira832 Inflated book (2nd edition): https://www.barnesandnoble.com/w/inflated-r-christopher-whalen/1146303673 Twitter/X: https://twitter.com/rcwhalen Use the code TheWrap2026 for 25% off your first year of The Institutional Risk Analyst https…