David Rosenberg says the gold selloff is not the end of the bull market, it is another buying opportunity, and the central banks driving it are only about halfway through their shift out of the dollar and into gold. So is the gold bull market over, or just getting started?
David Rosenberg, president of Rosenberg Research and the economist who called the 2008 housing crash, joins Kitco News senior anchor Jeremy Szafron to explain why this is the 12th correction in gold since 1999 and not the end of the bull, why China kept buying the dip while Western leverage was forced to sell, and why he is still bullish on gold and the miners on a three to five year view.
The conversation goes well beyond gold. Rosenberg lays out why the entire US economy is now leaning on the S&P 500 and the equity wealth effect, the consumer recession already hiding in the income data, the AI bubble he says is in investor behavior rather than the technology, the circular financing showing up across the AI build out, his read on the Warsh Fed transition and why he still thinks the next move is a cut, inflation versus disinflation after the Iran truce, the state of the Canadian economy and its household debt problem, and where he is actually putting money now, from cash and bonds to bullion, miners, and a surprising bet on beaten down homebuilders.
Recorded June 22 2026
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CHAPTERS
00:00 Is the Gold Bull Over After This Selloff
02:00 What Caused the Correction: Margin Calls and Weak Hands
03:00 12 Corrections Since 1999, and the Greenspan Connection
04:00 Central Banks Are Only Halfway Through the Shift
05:00 China Bought the Dip: Paper Hands to Strong Hands
07:00 Why Gold Is Holding Despite a Strong Dollar and Higher Rates
10:00 Everything Rests on the S&P 500
11:30 The Consumer Recession Hiding in the Income Data
13:30 Greenspan, the Greenspan Put, and Today’s Market
17:00 The AI Bubble and Circular Financing
23:00 Inflation, Disinflation, and the Iran Truce
30:00 The Warsh Fed Transition
37:00 Canada’s Household Debt Problem
49:00 A Market Priced With No Risk
50:00 Why the Perma-Bear Is Buying Homebuilders
52:00 The Playbook: Cash, Duration, Bullion, Miners
54:00 Every New Fed Chair Faces a Crisis in Year One
56:30 What Would Make Rosenberg Turn Bearish on Gold
#gold #goldprice #davidrosenberg
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36 Comments
Rockin the half mo ! 😉👍🏻🚴🏻♂️
The sharpest point here is one most people miss in the gold selloff panic: Western leverage was forced to sell. China bought the dip. Those are two completely different types of money. Forced selling is temporary, margin calls, liquidation, weak hands shaken out. Strategic accumulation by central banks is structural and patient. When the seller HAS to sell and the buyer WANTS to buy, that's not the end of a bull market. That's a transfer of the asset from weak hands to strong ones. Rosenberg calling this the 12th correction since 1999 puts it in perspective, corrections aren't the opposite of a bull market. They're a feature of one. The bigger tell is what he's pointing at underneath: an economy leaning entirely on the S&P 500 and a wealth effect. When the market IS the economy, the market can't be allowed to fall. That's a fragile foundation dressed up as strength.
It will be double what it is now in a couple years
Hi folks,,,all u need to do is just invest in GOLD simple …that is it. You don't need these so called finance experts of what ?????????.
😎😎😎😎
I'll take some modest beef against "tax-competitiveness"… My understanding is primary-care health insurance premiums range US$500-to well over US$1,000/month per employee, AND a good portion of that is paid by corporations as a benefit or part of the aggregate pay package. THAT wage cost equals ~10%+ of total average wages, and filters are magnified by a company's supplier also having to pay their employees' benefits, increasing THEIR pricing along the distribution-chain to the end-user. Then too, Product Liability Insurance, given the magnificently enormous litigation-costs over stuff, like hot coffee, self-imposed damage or injury, AND the rising insurance costs resulting from property, merchandise & injury crimes generally. The ONLY light in all THAT is military expenses MIGHT decline due to Drone Systems being VASTLY less expensive than the troompinzkie'z pie-in-the-sky idiotic mega battleship concept… or the newest F-XXX super-rocket, theoretically invisible, mega-expensive, dreamy fighter jet… and they haven't YET fixed the F-35…and cannot replace all the BILLION$ of oh-so-cool stuff that goes boom and disintegrates all those billion$ into dust. So…I lean hard into believing "tax-competitivness is a siren's call.
That beef said… David is a most credible guy, states his views in a most forthright and well-researched manner. 'Buying Opportunities' are that. But they also have the people and hedgies and banks and governments to get through. I will say, the "inflation" rate must go significantly negative to regain the utility-value of all currencies, often called 'purchasing-power'. Ergo, while things muddle around likely for no short period, the only sound investment or savings vehicle is most probably precious metals and commodities, which includes food, shelter, energy.
AI, ALL AI…is programed by a human with an axe to grind, or a dollar to steal. ALL cryptos are a dot of light on a plastic screen, which NEEDs electricity to exist. That leaves barter as the exclusive realm of value, and the net result of that focusses around precious metals. Even fiat currency can be held in-hand to exchange for something else, regardless its' utility today
I like Rosenberg's confidence… 54:00 "If I'm wrong, then I'll be right…. spectacularly"…. 🙂
Good guest and thanks for these. Very interesting viewpoints
Well Mr Rosenberg, I listened to people like you from 2008. I invested in gold and silver and in the miners. Each time since I bought some for my pension and I was not happy when the price dropped, but thought: 'ok I can buy the dip'. Well now it is time for my pension investments to be used as a pension. I cannot use this fantastic opportunity to buy the dip anymore. I need the money now. Pension, remember? So no, this is not great. It sucks and made me so much poorer that I stopped looking at the figures. You are a quack. When confronted with the ineffectiveness of your drug, you will reply: 'hey, if you hadn't taken my drug, you would be in a much worse condition'. Had I invested in the nasdaq since 2008, I would have been at least 2,5 times richer.
No bruh its the fucking end
One reason Gold is not taken seriously is that the followers of Gold can become manic, panic driven and act like a cult. There are a lot of great reasons on Gold, but the attitude behaviors of many Gold buyers is offputting.
quote of the century.6:22 "you don't have to the the worlds rocket zionist economist"
Next stop Gold 3500
Bitcoin 55000
Silver 50
Great interview! David Rosenberg is my favorite economist because he's honest and forthright and always has strong rationales to back his thinking. I guess I like him, too, because his views pretty much align with my own, while always expanding their perimeter.
I read that Russia, China and many others (including the US?) are selling gold/silver/platinum and oil to keep their economies afloat and their leaders in power. I think everything snaps back after the US midterms. That’s where I am putting my money. 💪🏻
If this was true, premiums would be higher. They are dropping. That means they anticipate a sell off, and they want to sell as much as possible before that happens.
Im kicking myself for not going liquid at 5k/oz.
Sometimes we overthink it – Is the world getting worse or better? Is the world moving away or towards a safe global currency? If you know the answer to these questions, just be glad you saw it before everyone else. Just be patient and gold will go up as more wake up to these realizations. I imagine that I am at a ball on the titanic – everyone is dressed to the nines and Im the only one wearing a lifejacket. Its awkward to wear, but only because no one else sees the iceberg. Gold is that lifejacket. And dont feel too bad, your not alone wearing it to the ball, the central banks of the world have all been quietly putting them on as the orchestra plays, and that is only going to accelerate as the iceberg gets closer.
Interesting how you skipped over the financial imbecile Janet Yellen and her narrative on transitory inflation. None of the Fed Chairman are real economists because they have a political agenda and do not follow solid economic principles
"Canadian inflation is actually at 1.6%". I just took out all of the categories that have actually gone up significantly and left in the ones that haven't, therefore real inflation is 1.6%"
Gotta love economists manipulating data harder than a narcissist manipulating their partner
Wait till Trump gets voted out.. then all change. Hang in until Jan 28 then all change..
Most investors should not care about this rates ups or downs. It doesnt matter for the long term
I m buying gradually, hhow much can it go down anyway.. everybody is ready to pile in after some point 😇
Buy gold as it goes down
People believe it should go in a straight line because metals have been suppressed and manipulated for a very long time so why can’t your guest believe this. Like all markets, they are rigged by the scumbags.
Short term is unpredictable. Long term returns from gold have been in the 7 to 10% CAGR. This could double the price over the next 7 years. Don’t miss that by trying to time the short term moves.
No one I know is saying "im richer" let me spend more. Kitco sure will interview some shills. 😂🤡😂
Are you fooling people by continuously saying gold is bullish.
It keeps coming down, are you trapping common investor,.
Pl reply?
Gold is 2.75 times overpriced compared to oil. My target is 1500 😂.
Me thinketh excuse me a., minute whilst I get……..a drink!@!?😜😉
It means falling. That's it.
In the previous interview with Mr. Oliver, he stated that the price of silver would rally to $300–$500 by summer. That call will hurt many viewers. Please interview Panpalobar for the PM markets. He has been very accurate at calling the key turning dates for both gold and silver for all the years I have followed him. His geometric analysis approach offers insights you won’t find elsewhere.
I support this channel. JEREMY asks difficult questions. RESPECT.
Rosie is a perma bear. Been burnt one too many times? Emotional scar? Dunno.
Career Scorecard. This is how I’d score him.
2006-2008 9/10; Excellent. One of the better economists around.
2009-2020 5/10 Mixed. Often too cautious. Often underestimated:
* QE
* liquidity
* multiple expansion
2021 Inflation 7/10
Pretty good. Recognized inflation risks.
2022 Bear Market 8/10 Good.
2023-2026 5/10
Less impressive.
Economy repeatedly stronger than expected.
Markets repeatedly stronger than expected.
⸻
Overall career?
7/10
Definitely not a clown.
Definitely not someone I’d ignore.
But also not someone I’d use as a market timer.
$3600 ?
Same clown told people to buy gold at almost the top.
Be honest don’t try and stray the truth
If you listened to a fool like this you’ll be broke. No idea how to read charts.
Some time point in aval price
Discount unfollow rate down
Restock finance vat curve product in jump vat hight season change point in support vat