Edward Dowd, Founding Partner of Phinance Technologies, joins Kitco News Senior Anchor Jeremy Szafron to break down why the real estate market is completely frozen and why private credit funds are beginning to gate withdrawals. Dowd outlines the exact macro sequence that he believes will drive gold prices to $10,000 by 2030.
Dowd details that the U.S. housing market is currently experiencing a “buyer strike,” with 75% of real estate agents failing to make a sale in the past year. He argues that home prices are roughly 30% overvalued and will need to reset lower. Turning to the stock market, Dowd warns that the S&P 500 is dangerously concentrated, with 45% of its market cap in AI and AI-adjacent tech, projecting zero forward returns for the index over the next decade. He also exposes the growing risks in private credit, noting that flows have paused and Wall Street is currently bundling these funds into insurance wrappers—a move he compares to the credit alchemy of the Great Financial Crisis. Finally, Dowd shares why he is completely out of equities and holding a portfolio of cash, long-dated treasuries, and physical gold to protect against a deflationary slowdown.
Recorded July 21 2026
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Timestamps:
00:00 Markets Jolt Setup
00:41 Gold Pullback Question
02:46 Credit Event Signposts
05:17 Housing Freeze Warning
10:46 AI Bubble Meets Credit
15:35 Private Credit Contagion
22:20 Dollar Liquidity Squeeze
24:05 Inflation Whipsaw Fed
26:45 Portfolio Survival Tips
28:26 Road to Ten Thousand
30:37 Silver And Allocation
31:27 Cash Bonds Strategy
33:57 Wrapping Up
#EdDowd #Gold #RealEstate #StockMarket #KitcoNews #Economy #Investing #Macro
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The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.
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29 Comments
"At these valuations, your 10-year forward returns are projected to be zero… which implies a big drawdown. We know that the Fed and the governments of the world are gonna print and spend, and that will re-inflate, and then gold should do fine after that." – Ed Dowd
Good show
Why are you not taking about Bitcoin?
There will be so many more homeless people because people are out of money and the government doesn’t care! They are all maxed out on credit as well!!!!!😢
22:24 bubbles are not good nor required, they are just very large transfers of wealth from the bottom to the top and the joke will be on y'all capitalists in the end.
There isnt a realestate crisis in china either – the house prices are low on purpose… i know thats hard for a capitalist to wrap their little brain around but china actually likes its citizens to have affordable housing… can u imagine.
So-called experts say the DOLLAR will strengthen while others say for sure it will weaken. Might as well ASK A MONKEY! One thing is for sure: DO NOT BELIEVE ANYTHING THAT COMES OUT OF THE WHITE HOUSE OR WALL STREET.
Why they keep saying bubbles build railroads if the only beneficiaries are people trading paper. Companies themselves get nothing. To raise cash they use bonds.
What’s a sensible way to get started without taking on more risk than necessary? I’m interested in studying experienced traders and learning from their strategies, but I’m also trying to avoid making emotional decisions with my own money. Would working with someone like chrismaxhq be worth researching?
US Stock Market is just one GIANT PONZI SCHEME. I am waiting for the BIG COLLAPSE. YIPPEE 😂😂😂😂😂
Isn't suspect that a fix-income/bond trader giving advise on a commodity trading? Talk to a Commodity Trading Advisor thats specialized in thier field of subject not a bond trader!
This is a month old and I am following Ed and sure things are worse
1:07 in a minute lol
thanks for the info bro good content
Love this guy❤
This is 2 weeks old
Boomers already sold their houses to Blackrock years ago my dad couldn't afford the property taxes.
Think of AI in the way you do the MIC: The object is not to win the war or AIG; it is to keep the money flow and to strip the small guy through pension funds and shares.
I have yet to see any rents going down.
This is so sad! But informative
To suggest that industril financing is going to slow in my view is completely wrong.
Buy gold in 2 weeks! 😃😃😃😃
5:50
Thanks good info, take care ED
Wow!wow! A brand new " MAYBE"! 😂🎉😴
Thanks for making this knife edge so clear.
AND We have hit the wall hard. Tier three water and power restriction Are three weeks away from hitting the Glenn Canyon dams.
That's a 80 percent power and water cut for up to 40 million people. Feds can only work with what is in a drastically overdrawn system
No more water. No more power. Right now 17 SW states are in Level 2 emergency power warnings.
That's get READY. Bank Water. Solar power charging stations. Outdoor propane kitchen. Star link. Non electric cooling system.
You have time. Cuba and Nigeria Grids totally collapsed. UK EU on restrictions and fines.
Spain and Portugal had sudden grid failure for up to 100 thousand people for two days.
It's not coming it's here and it's gradually and increasingly accelerating.
How many NDAs has your county commission builder's and officials signed behind your communities back?
Thanks Jeremy. I like Ed's perspectives.
Time is short! The rapture of Gods children is next, followed by the antichrist and the antichrist system. You will be required to take a mark in the hand or head to participate in his system but it you take that mark you cannot go to heaven, and if you don’t take it you will be hunted down. You can avoid it all by accepting Jesus as your Lord and Savior now. He has done all the work through His suffering on the cross, all you must do is accept His free gift. This is it now is the time, eternity is forever and ever will you spend it in the lake of fire or in heaven with a loving God. God bless you all❤ praying for you all!
You guys are never ever correct
QE not QE