Macroscopic Podcast Francis Hunt, Henrik Zeberg, Matthew Piepenburg: FINAL ACT in 2026?
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Dec 30, 2025 
In this discussion, Francis Hunt, a precious metals investor, shares insights on rising rates boosting gold, silver, and platinum. Macro commentator Henrik Zeberg warns of an impending deflationary bust alongside a strong dollar, while wealth-preservation strategist Matthew Piepenburg emphasizes bond market dynamics and the necessity of liquidity. They delve into how late-cycle liquidity unwinds, the myth of simultaneous market failures, and the historical context of systemic resets, ultimately debating whether precious metals or the dollar will emerge as the safe haven in a crisis.
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Fed Behind The Curve As Economy Slows
- Henrik Zeberg: The economy is rolling over and Fed policy is behind the curve as growth slows.
- He expects a recession by March–April and sees Fed easing turning into renewed liquidity (non-QE) support.
Bonds Are The Grease — Liquidity Is Fading
- Matthew Piepenburg: Bond and credit liquidity is the key vulnerability across markets.
- He predicts drying synthetic liquidity will force central banks into prolonged interventions in 2026.
Rates Up, Debt Down — Metals Benefit
- Francis Hunt: Higher interest rates and falling debt capacity are the turbo for precious metals.
- He argues wealth will be measured increasingly in gold ounces rather than fiat.