Macroscopic Podcast

Francis Hunt returns to Macroscopic to explain why Japan’s bond crisis could become America’s problem. We discuss the yen carry trade, the growing pressure on US Treasuries, and how an interconnected debt crisis could spread across global markets. Francis also shares his outlook for gold, silver and platinum including why another precious-metals washout may come before the next major move higher.

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🎙️ Listen to this episode also on:

- Spotify: https://open.spotify.com/show/6b3e4CoeUSfjcxOfcQKdwV?si=4daa86fad3e7400f

- Apple Podcasts: https://podcasts.apple.com/us/podcast/macroscopic-podcast/id1736155241

⚠️ DISCLAIMER ⚠️

The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of any entities they represent.

The information provided in this video statement is not an offer, investment advice, or financial service. It is also not intended to encourage you to buy or sell a product or to purchase a service from GoldRepublic, nor as a basis for an investment decision. A decision to invest in a GoldRepublic product can and may only be based on the information contained in a final prospectus and any Key Investor Information and other information about the product concerned (such as annual or semi-annual results). This information is available on the website (www.goldrepublic.com). If necessary, call in an advisor.

The AI boom is masking serious weakness across the US economy. David Rosenberg sees stagnant employment, falling real incomes, contracting housing and business investment, and a consumer increasingly dependent on stock-market wealth and record credit-card debt.

Markets have shifted from pricing Federal Reserve cuts to expecting higher interest rates following the US–Iran war and oil shock. Rosenberg thinks that reset will reverse: inflation should move lower, consumer demand should weaken, the Fed should remain on hold and Treasury yields could fall sharply as recession risk returns.

His gold thesis is unchanged. Central banks led by China continue moving reserves away from the US dollar, while gold supply grows slowly. Combined with his outlook for lower real rates, Rosenberg still sees the correction as part of a secular bull market rather than its end.
📲 Download the GoldRepublic app:

- Google Play: ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://play.google.com/store/apps/details?id=com.goldrepublic⁠⁠⁠⁠⁠⁠⁠⁠⁠

- Apple Store: ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://apps.apple.com/nl/app/goldrepublic/id475643876⁠⁠⁠⁠⁠⁠⁠⁠⁠

🟠 Buy and store physical allocated gold, silver and platinum.

👉 Open an account: ⁠https://bit.ly/38stf7p ⁠

🎙️ Listen to this episode also on:

- Spotify: https://open.spotify.com/show/6b3e4CoeUSfjcxOfcQKdwV?si=4daa86fad3e7400f

- Apple Podcasts: https://podcasts.apple.com/us/podcast/macroscopic-podcast/id1736155241

⚠️ DISCLAIMER ⚠️

The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of any entities they represent.

The information provided in this video statement is not an offer, investment advice, or financial service. It is also not intended to encourage you to buy or sell a product or to purchase a service from GoldRepublic, nor as a basis for an investment decision. A decision to invest in a GoldRepublic product can and may only be based on the information contained in a final prospectus and any Key Investor Information and other information about the product concerned (such as annual or semi-annual results). This information is available on the website (www.goldrepublic.com). If necessary, call in an advisor.

Peter Schiff’s central warning is blunt: America’s fiscal position cannot support the US dollar indefinitely. Rising debt costs, persistent inflation and weakening demand for Treasuries could end in a sovereign debt and reserve currency crisis.

He argues that Japan could accelerate the reckoning. Higher Bank of Japan rates and a stronger yen may unwind the yen carry trade, forcing sales of US bonds and stocks just as the Federal Reserve faces limited room to respond. Oil, commodities and underinvestment add another layer of stagflation risk.

Schiff also addresses the AI capital spending boom, gold and silver’s recent correction, mining stocks, Bitcoin and the growing pressure on Strategy. The broader question is whether China’s accumulation of gold and development of yuan-based trade infrastructure mark the early stages of a new monetary order.

Recorded 28th of July 2026

📲 Download the GoldRepublic app:

- Google Play: ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://play.google.com/store/apps/details?id=com.goldrepublic⁠⁠⁠⁠⁠⁠⁠⁠⁠

- Apple Store: ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://apps.apple.com/nl/app/goldrepublic/id475643876⁠⁠⁠⁠⁠⁠⁠⁠⁠

🟠 Buy and store physical allocated gold, silver and platinum.

👉 Open an account: ⁠https://bit.ly/38stf7p ⁠

🎙️ Listen to this episode also on:

- Spotify: https://open.spotify.com/show/6b3e4CoeUSfjcxOfcQKdwV?si=4daa86fad3e7400f

- Apple Podcasts: https://podcasts.apple.com/us/podcast/macroscopic-podcast/id1736155241

⚠️ DISCLAIMER ⚠️

The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of any entities they represent.

The information provided in this video statement is not an offer, investment advice, or financial service. It is also not intended to encourage you to buy or sell a product or to purchase a service from GoldRepublic, nor as a basis for an investment decision. A decision to invest in a GoldRepublic product can and may only be based on the information contained in a final prospectus and any Key Investor Information and other information about the product concerned (such as annual or semi-annual results). This information is available on the website (www.goldrepublic.com). If necessary, call in an advisor.

Jim Rickards warns that a global economic shutdown may be approaching as the Strait of Hormuz and Red Sea disruptions collide with depleted strategic reserves, rising energy prices and fragile supply chains.

In this interview, Rickards explains why he expects a severe US recession, higher inflation and a major escalation in the Iran war. He also shares his outlook for gold, including a possible drop toward $3,600 before an accelerated move to $10,000, and explains why silver could follow gold higher.

We also discuss the growing AI debt bubble, circular financing between major technology companies, the risk of defaults, changes coming to the Federal Reserve, Trump’s tariffs and why Rickards dismisses the idea of a gold-backed Chinese yuan.

Recorded 22nd of July 2026

📲 Download the GoldRepublic app:

- Google Play: ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://play.google.com/store/apps/details?id=com.goldrepublic⁠⁠⁠⁠⁠⁠⁠⁠⁠

- Apple Store: ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://apps.apple.com/nl/app/goldrepublic/id475643876⁠⁠⁠⁠⁠⁠⁠⁠⁠

🟠 Buy and store physical allocated gold, silver and platinum.

👉 Open an account: ⁠https://bit.ly/38stf7p ⁠

🎙️ Listen to this episode also on:

- Spotify: https://open.spotify.com/show/6b3e4CoeUSfjcxOfcQKdwV?si=4daa86fad3e7400f

- Apple Podcasts: https://podcasts.apple.com/us/podcast/macroscopic-podcast/id1736155241

⚠️ DISCLAIMER ⚠️

The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of any entities they represent.

The information provided in this video statement is not an offer, investment advice, or financial service. It is also not intended to encourage you to buy or sell a product or to purchase a service from GoldRepublic, nor as a basis for an investment decision. A decision to invest in a GoldRepublic product can and may only be based on the information contained in a final prospectus and any Key Investor Information and other information about the product concerned (such as annual or semi-annual results). This information is available on the website (www.goldrepublic.com). If necessary, call in an advisor.

Grant Williams joins Macroscopic to discuss why the 40-year easy money era may be coming to an end and why he is now more focused on protecting wealth than chasing returns.

We cover gold and silver, the possibility of a financial reset, China’s gold strategy, changes in Japan and Europe’s economic problems. Grant also explains how investors approaching retirement can protect their purchasing power as the old market rules begin to change.

Recorded: 16 July 2026
📲 Download the GoldRepublic app:

- Google Play: ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://play.google.com/store/apps/details?id=com.goldrepublic⁠⁠⁠⁠⁠⁠⁠⁠⁠

- Apple Store: ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://apps.apple.com/nl/app/goldrepublic/id475643876⁠⁠⁠⁠⁠⁠⁠⁠⁠

🟠 Buy and store physical allocated gold, silver and platinum.

👉 Open an account: ⁠https://bit.ly/38stf7p ⁠

⚠️ DISCLAIMER ⚠️

The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of any entities they represent.

The information provided in this video statement is not an offer, investment advice, or financial service. It is also not intended to encourage you to buy or sell a product or to purchase a service from GoldRepublic, nor as a basis for an investment decision. A decision to invest in a GoldRepublic product can and may only be based on the information contained in a final prospectus and any Key Investor Information and other information about the product concerned (such as annual or semi-annual results). This information is available on the website (www.goldrepublic.com). If necessary, call in an advisor.