Michael Howell: Bullish on Gold, Cautious on What Comes Next

Howell expects a liquidity-driven downturn into 2027 before gold, Bitcoin and commodities resume their structural uptrend.

• Liquidity cycle rolling over: Howell says global liquidity peaked in growth terms Q4 2025 and, with a ~9-month lag, markets are now hitting an 'air pocket,' with Russell 2000 near a bear market and junk spreads widening.
• Fed/Treasury fused into one liquidity machine: The Fed's new 'Reserve Management Purchases' (RMP) is QE in disguise, while Treasury's bill-heavy issuance and buybacks constitute 'Treasury QE' to cap bond-market volatility and preserve collateral leverage.

Themes, sentiment and reasons are AI-written paraphrases, checked so they never quote an episode. They may contain errors. Not investment advice. Episodes remain the property of their creators.