Kitco News, Released on 8/30/25

A severe downturn in the U.S. housing market, a recession in Canada, and a new wave of political pressure on the Federal Reserve are creating a complex and dangerous environment for investors. In this exclusive, in-depth interview, renowned economist David Rosenberg joins Kitco News Anchor Jeremy Szafron to break down the powerful cross-currents driving markets right now. Rosenberg makes the case that the U.S. economy is already in a recession, but its effects are being masked by a singular boom in AI-related spending. He reveals one key housing metric that is now worse than at the lowest point of the 2008 Great Financial Crisis and explains why this deflationary cycle may have only just begun. Finally, Rosenberg unveils his “Bond Bullion Barbell” strategy, which he says has returned +18.5% year-to-date, outperforming the S&P 500 by 700 basis points, and explains why he “loves gold” but only “likes silver” in the current environment.

00:00 Introduction
01:03 Consumer Sentiment and Inflation Expectations
02:02 US Recession and AI Spending Boom
04:56 Trade Policy and Canada’s Economic Outlook
09:23 Canada’s Tax Competitiveness Issues
19:07 Federal Reserve’s Rate Cuts and Inflation
20:42 Housing Market Deflation Concerns
24:53 AI Boom and Economic Impact
25:45 Fed’s Data Dependency and Forecasting
26:54 Fed’s Inflation Forecast and Labor Market Slack
27:23 Unemployment and Margin Squeeze
29:44 Housing Market Concerns
37:37 Gold as a Safe Haven
43:46 Central Banks and Precious Metals

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, economy, gold, housing market, recession