Resource Talks, Released on 8/24/23
David Rosenberg, Rosenberg Research founder, says a US recession has been delayed, not derailed. That has made David bearish on commodities, besides gold & uranium. He thinks that deflation in the housing market will cause panic, which he thinks is bullish for gold. As to uranium, Rosenberg says that the supply-demand imbalance in uranium is too profound to ignore. Looking at the news, you may think that the economy may dodge a recession. The calls for a “soft landing” are turning into ones of “no landing at all”. According to Rosenberg, the headlines are selling a false narrative. David told me that the recession is already here, deflation (not inflation) is the big threat, and the current market frenzy is a classic stock mania that will end the way all bubbles do. He calls for a crash in the second half of the year.
00:00 Important warning
01:45 David Rosenberg’s 40K ft view
06:25 What is deflation?
09:30 When is the recession here?
12:10 More inflation or deflation?
23:55 Are higher interest rates inflationary?
36:05 Will the housing market crash?
55:50 Is China really in trouble?
01:01:00 What currencies is David bullish on?
01:03:55 Is gold going to crash or run?
01:07:25 Is uranium about to crash?
01:12:07 Is Japan going to crash or run?
01:15:00 Closing thoughts
David Rosenberg is the chief economist & strategist of Rosenberg Research & Associates, an economic consulting firm he established in January 2020. He received both a Bachelor of Arts and Masters of Arts degree in economics from the University of Toronto. Prior to starting his firm, he was Gluskin Sheff’s chief economist & strategist. Mr. Rosenberg was also chief North American economist at Bank of America Merrill Lynch in New York and prior thereto, he was a senior economist at BMO Nesbitt Burns and Bank of Nova Scotia. Mr. Rosenberg previously ranked first in economics in the Brendan Wood International Survey for Canada for seven straight years, was on the US Institutional Investor All American All Star Team for four years, and was ranked second overall in the 2008 survey.