The “Easy Money” era is over, but the “Gradual Print” has just begun. In this exclusive interview, Lyn Alden (Founder, Lyn Alden Investment Strategy) joins anchor Jeremy Szafron to break down the critical market signals that most investors are missing. While the S&P 500 hits record highs, the “S&P 493” is flatlining, revealing a “mirage economy” masked by AI speculation and fiscal deficits.
Lyn reveals why the Federal Reserve quietly halted its balance sheet runoff (QT) on December 1st, 2025, and what this “forced pivot” means for the next phase of global liquidity. We also dive deep into her controversial new December letter, “Why Most Cryptocurrencies Won’t Accrue Value,” where she argues that “utility” in crypto is actually a trap for investors—and why Bitcoin stands alone as money.
This discussion covers the disconnect between asset prices and economic reality, the rise of “Emerging Market Lite” dynamics in the U.S., and why sovereign wealth funds are accumulating Bitcoin despite recent price corrections.
Recorded December 5 2025
Special thanks to our sponsor, Swan Bitcoin, the real Bitcoin company, for making this coverage possible 👉 To learn more, get started at
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CHAPTERS:
00:00 Introduction and Market Overview
00:55 Macro Environment and Key Drivers
01:20 The Disconnect in the Market
02:37 Emerging Market Characteristics
03:51 The Role of Fiscal Transfers
14:29 Federal Reserve’s Quiet Pivot
18:21 The Gradual Print and Its Implications
21:43 Gold and Bitcoin: Safe Havens
23:10 Post-WWII Dollar Bubble and Gold’s Resurgence
24:10 US and China: Economic Powerhouses
25:04 Bitcoin’s Volatility and Market Dynamics
26:41 Corporate Balance Sheets and Bitcoin
29:34 Utility of Cryptocurrencies Beyond Bitcoin
32:17 Ethereum’s Valuation and Utility Debate
37:08 US Federal Debt and Economic Policies
39:04 Private Credit Market Risks and 2026 Outlook
#LynAlden #KitcoNews #JeremySzafron #Bitcoin #Gold #FedPivot #Recession #Crypto #Investing #Economy2025 #Stagflation
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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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46 Comments
The Fed quietly halted QT on Dec 1. Lyn Alden says this marks the start of “the gradual print,” where liquidity rises even as inflation stays above target.
If the Fed can’t shrink its balance sheet anymore, is permanent debasement now the base case?
Lyns never pushed beliefs on anyone, the people in the comments saying derogatory things are very ignorant of Lyns reputation and work ethic.
You two are full of it 😆 😆 I bet the both of you are broke by this time next year after Bitcoin crashes because of Michael Saylor. I can't wait to come back and laugh at the both of you for trying to con everyone with this bs that you spew
❤ Lyn Alden ❤ the ultimate professional
Lyn is the GOAT
Lets see bitcoins welfare medical militarys medical total pensions bailout nasa military defense of israeli u.s. wars.reparations to russian families and eukainian family losses of householdsmore morons than century geniuses
Bitcoin the ultimate piggy me money louie mariess no bread no cake for you
I love ❤️ Lyn Alden. I think He is a very Smart Man (I meant “she”). Love Her.
This guy is brilliant. A little bit too much economist, but besides that solid knowledge.
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Lyn is always insightful — masterclass every interview.
Money printer go brrrrrr. Same strategy, same results. Just kick the can down the road until 80% of the population decides it’s time to remove some heads.
Kinki is definitely going for the meetup
Larry Alden definitely has balls but they are little. 😂😂😂😂
Trans is back
Strength Of Service, preceded the End of Rome…
26:16 Luke Gromen is part of them 😅 …. 👻
If you think inflation is only 5%, you are not worth listening to.
When nearly 80% is wondering how they will buy groceries, have some form of shelter, massive job losses, bankrupt people and govts, unaffordable insurance , huge taxing, raging inflation, world instability. You are completely detached if you can't recognize it is horrible out there except for the top couple percent people out there.
I remember when I first started learning about all this stuff a decade ago.. it's crazy how the info is kept from people with obscure language and selective media coverage 😬
Great Call Lynn Rocks🥇🤗
Great job kitco.
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3rd war system in jarachi I am not secure karachi forward donal trump president system take over
Hi kitco news all staff with family members I think market 4000 per ounce 3o dollars up and down show up down no risk
Why he looks like she
Always look forward to what L.A. has to say. . . :>/
& if the angelic Fed offloads gold for $$$$, at great profits to pay the deficit, causing a big dip, don't think gold buyer's like to stomach their losses.
Is this a man,woman,or lizard??
Anyone else cringe a bit every time Jeremy says "Well said" to guests?
She's awesome!
Sentiment is tied to interest rates, which have been kept artificially high for so long. People don't like paying 20% interest for their amazon purchases or 6% mortgage, 30% credit card and 10% on their car loan. Of course their sentiment is low!
Love Lyn!!!
Lyn is a dingbat woman who thinks digital fool's gold bitcoin is better than real gold!😂
Interesting how Shadowy Private Equity is labelled as Industry. Remember when was Criminalised as illegal under US law. Drug trafficking & black market industries remain illegal !!!
With age you understand: doesnt matter where hype is. What matters – what works. mevstake works
Lyn is razor-sharp; I've probably watched 50 of her interviews. Every single one hurts my ears because she's still rocking the same $2 microphone. If I knew her address, I'd overnight her a proper mic tomorrow. The info she drops is pure gold, the audio quality is pure trash.
More Lyn, please, always. Thanks for a great conversation.
This podcast's topics are thoroughly explained in Lyn's recent newsletter, and those who want to learn more should read it.
Let the Zombies DIE. You got a JOB ?❤
Double the tariffs. Cheap foreign slave labor should carry no cost advantage over American companies.
Swan. The company that significantly overcharges you on every transaction. Their prices are extremely inflated.
geez. it wasn't quiet. they've been telegraphing it for months. why is this narrative all over the place rn?
If you’re real and summit up get a bunch of cash get your stocks down to about 30% holdings hold some silver and gold guns and bullets and you’ll see the crash coming by 2030 and if you’re in the market you might not get back to even till 2040-2045
@kitco
Have you ever looked at your website ?
Why are the trending news articles so outdated ! ?
It doesnt matter fed prints money. Bitcoin not going to 150k because retail investor doesnt care about bitcoin. If printing trigger rally it will be altcoins