WSJ's Take On the Week If Trouble Is Brewing for Banks, Here's Where to Spot It
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Oct 12, 2025 Chris Whelan, a seasoned banking analyst and chairman of Whalen Global Advisors, joins to discuss the precarious state of banks. He highlights pressing issues in commercial real estate and private equity, revealing how falling valuations pose risks for banks. Whelan shares key indicators to watch in upcoming bank earnings, including loan demand and consumer vulnerability. He also emphasizes the challenges of non-bank lenders and shifting dynamics in mortgage markets, painting a complex picture of the financial landscape.
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Gold Rally Isn't Just Inflation Hedging
- Gold's rally may not reflect pure inflation fears because bond markets haven't priced much debasement risk.
- That suggests investors might be buying gold for reasons other than traditional inflation hedging.
Gold As Catastrophe Insurance
- Analysts argue gold is being bought as "catastrophe insurance" against a potential AI-led stock market correction.
- Momentum and social contagion also amplify the gold run beyond fundamental demand.
Data Vacuum Fuels Market Unease
- The U.S. government shutdown delayed key economic data, increasing investor reliance on private indicators.
- That uncertainty may be driving defensive positioning like buying gold or watching bank signals closely.