McAlvany Weekly Commentary Best Risk Hedge: Gold Or Crypto?
Nov 19, 2025
This discussion delves into the intriguing relationship between Bitcoin and the stock market, revealing its correlation as a risk asset rather than a hedge. The hosts explore troubling parallels between current private credit risks and pre-2008 leverage. They highlight gold's enduring appeal amidst uncertainty and China's covert gold acquisitions. Additionally, they argue for hard assets like copper and emphasize the value of silver, forecasting significant price increases. Practical investment strategies and the implications of limited energy supply also feature prominently.
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Episode notes
Growth Masks Hidden Market Knots
- The economy shows strong GDP growth while markets depend on abundant liquidity to sustain valuations.
- Hidden knots in credit and repo markets could trigger volatility even with healthy macro data.
Christmas Lights And Patience On The Ladder
- Kevin describes untangling Christmas lights from atop a ladder and choosing to come down and work them out safely.
- The story illustrates patience and slowing down when resolving complex tangles.
Private Credit Creates Illusion Of Safety
- Private credit and ratings shopping create liquidity illusions by selling illiquid assets as safe.
- That dynamic resembles pre-2008 mismatches and raises systemic risk concerns.
