Kitco News, Released on 6/23/26 (Recorded on 6/22/26)

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.

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

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.

  david rosenberg, gold, investing