Wealthion

Michael Howell, Managing Director at GL Indexes, warns that the global liquidity cycle is rolling over — just as AI spending, inflation pressure, Treasury stress, and China's gold strategy are reshaping markets. In this interview with Maggie Lake, Howell explains why AI may be inflationary before it becomes deflationary, why the U.S. economy is pulling liquidity out of financial markets, and why investors may be moving from “speculation” into a more dangerous phase of the cycle. He also breaks down why he believes China is the real force driving gold, how crypto is flashing a liquidity warning, and why the Fed's 2% inflation target may be fantasy. This is a must-watch for investors trying to understand what comes next for stocks, bonds, gold, Bitcoin, oil, and real assets as liquidity tightens and inflation risk return

Ronnie Stoeferle, partner at Incrementum AG and co-author of the In Gold We Trust report, joins Wealthion's Trey Reik to explain why gold's rally may be about much more than a normal bull market.Stoeferle argues that gold is signaling a deeper loss of trust in the dollar-based monetary system, as de-dollarization, inflation volatility, central bank buying, and rising geopolitical risk reshape the global financial order. He also explains why gold may be entering the public participation phase of its bull market — with institutional investors only beginning to wake up to the role gold can play in portfolios.In this conversation, Ronnie and Trey discuss whether the Pax Americana is coming to a close, why fiat currencies look different when measured in gold, whether this is a monetary revaluation rather than a normal gold cycle, and what the In Gold We Trust report reveals about the future of money.

SpaceX is preparing for one of the biggest IPOs in market history — and OpenAI and Anthropic may not be far behind.In this interview with Wealthion's Maggie Lake, WindRock Wealth Management founder Brett Rentmeester explains why this is not a normal IPO cycle. These companies are already so large that they could become major components of the S&P 500, potentially affecting investors whether they buy the IPOs directly or simply own index funds.Brett breaks down the risks for retail investors, why most people may not get access to the actual IPO price, how lockups and insider selling can create pressure, and why trillion-dollar valuations leave little room for error.For investors chasing the next big tech trade, Brett's warning is clear: this IPO wave may create huge opportunity — but it may also bring major market risk.

Fertilizer may be one of the most overlooked pressure points in the global economy — and Josh Linville says the current crisis is already hitting farmers hard. Josh Linville, Vice President of Fertilizer at StoneX Financial, joins Maggie Lake to explain why the feared “global famine” headlines may be overstated, but the fertilizer supply shock is very real. He breaks down why farmers are bearing the brunt of higher costs, how China's fertilizer export restrictions are reshaping the market, and why pricing and supply problems could stretch into 2027. Linville also explains why the Strait of Hormuz disruption, Russia/Ukraine fertilizer flows, urea shortages, and rising protectionism could create longer-term risks for food prices, supply chains, and investors watching real assets.

George Goncalves, Head of U.S. Macro Strategy at MUFG, joins Maggie Lake to explain why the market may be underestimating a dangerous form of “stealth tightening.” Goncalves says the Fed may not have officially hiked rates — but the bond market has effectively done it for them. With borrowing costs still high, energy prices rising, consumers stretched, and equity markets trading “on their own planet,” he warns that the pressure is building beneath the surface. Could this be the moment when higher rates finally start to hurt? And if markets can no longer ignore the cost of funding, private credit risk, and stretched valuations — what breaks first? In this interview, Goncalves breaks down why the bond market is sending a warning, why recession odds could rise into the second half, and why investors may be facing a much weaker economic backdrop than the stock market suggests.

Is the bond market really warning of a U.S. debt crisis — or are investors misreading a distorted market signal? Michael Green, Chief Strategist and Portfolio Manager at Simplify Asset Management, joins Maggie Lake to explain why passive investing, regulation, and hidden leverage may be warping the way markets price risk. He argues that what many see as a collapse warning in long-term bonds may actually be a mechanical consequence of how capital is being allocated. Green also breaks down why investors may be ignoring one of the clearest retirement opportunities in years, why liquidity is weakening beneath mega-cap stocks, and why he believes the “real craziness” in markets may still be ahead.

Legendary gold investor Pierre Lassonde joins Wealthion's Trey Reik to explain why he believes gold's bull market is far from over — and why his $17,000 gold target may be more floor than fantasy. Lassonde argues that today's market has eerie similarities to the 1970s: energy shocks, sticky inflation, rising deficits, financial repression, and a political system with little will to tackle the debt. He says those forces are reshaping the investment landscape and could drive gold dramatically higher as investors seek protection from currency debasement and declining confidence in paper assets. In this conversation, Lassonde breaks down his Dow-to-gold ratio framework, why he believes the Federal Reserve may not be able to stop inflation the way Paul Volcker did, and why gold remains one of the clearest signals of stress in the global monetary system.

Jim Bianco warns that beneath the market's record highs, the rally is dangerously narrow — with AI and chip stocks doing most of the heavy lifting while large parts of the market struggle. He explains why AI may be the most important force in financial markets right now, how one private AI company is distorting S&P 500 earnings, and why investors may need to rethink what realistic returns look like in this new regime.

Get a free review with Wealthion's trusted financial advisors at https://bit.ly/4eZ6nkvProfessor Steve Hanke joins Wealthion to break down the high-stakes Trump–Xi summit, China's growing leverage over critical minerals, and why investors may be underestimating the next inflation shock. Hanke warns that Beijing's dominance in key metals and minerals gives China a powerful hand in negotiations — and could leave the U.S. vulnerable at a critical moment for markets, supply chains, and national security. He also explains why inflation risks may be building again, what the Fed may be getting wrong, and how investors should think about protecting their portfolios in a world of rising geopolitical and monetary instability. Connect with us online: Website: https://www.wealthion.com X: https://www.x.com/wealthion Instagram: https://www.instagram.com/wealthionofficial/ LinkedIn: https://www.linkedin.com/company/wealthion/ #Wealthion #Wealth #Finance #Investing #PortfolioReview #InvestmentAdvice #FinancialPlanning #WealthManagement ________________________________________________________________________ IMPORTANT NOTE: The information, opinions, and insights expressed by our guests and our hosts do not necessarily reflect the views of Wealthion or the views of their respective employers. They are intended to provide a diverse perspective on the economy, investing, and other relevant topics to enrich your understanding of these complex fields.   While we value and appreciate the insights shared by our esteemed guests and hosts, they are to be viewed as personal opinions and not as investment advice or recommendations from Wealthion or their respective employers. These opinions should not replace your own due diligence or the advice of a professional financial advisor.   We strongly encourage all of our audience members to seek out the guidance of a financial advisor who can provide advice based on your individual circumstances and financial goals. Wealthion has a distinguished network of advisors who are available to guide you on your financial journey. However, should you choose to seek guidance elsewhere, we respect and support your decision to do so.   The world of finance and investment is intricate and diverse. It's our mission at Wealthion to provide you with a variety of insights and perspectives to help you navigate it more effectively. We thank you for your understanding and your trust. Learn more about your ad choices. Visit megaphone.fm/adchoices

Chris Vermeulen joins Maggie Lake to break down what's really driving markets right now—and where the biggest risks may be hiding. Equities continue to climb, fueled by AI and strong momentum, but under the surface, warning signs are building. Chris explains why this could be a classic “melt-up” environment—and why investors shouldn't ignore what's happening in bonds, currencies, and commodities. From a potential surge in interest rates to a possible break in the bond market, this conversation covers the key signals that could shift markets quickly—and what to watch next.If you're trying to understand where money is flowing and how to position for what's coming, this is a must-watch. Learn more about your ad choices. Visit megaphone.fm/adchoices

Markets are being pulled in two directions. On one side: AI, innovation, and strong momentum in tech. On the other: rising geopolitical risk, energy shocks, and global fragmentation. In this conversation, Chris Perkins, General Spider Marks, and Peter Tchir break down what's really happening beneath the surface—from Iran and China to AI on the battlefield and the future of global supply chains. The key question: are markets fully pricing in the risks ahead? This isn't just about geopolitics—it's about how the global investment landscape is changing in real time. Learn more about your ad choices. Visit megaphone.fm/adchoices

The AI revolution is real—but investing in it won't be straightforward. In this conversation, Windrock Wealth Management founder Brent Rentmeester joins Maggie Lake to break down what may be the fastest technological shift in modern history—and why it's creating both massive opportunity and serious risk for investors. From the rise of AI-native companies to the challenge of valuing innovation, Brent explains why traditional investment frameworks may no longer apply—and why a “barbell” strategy could be critical in navigating what he calls a transition between two worlds: an old system under strain and a new, technology-driven future. Learn more about your ad choices. Visit megaphone.fm/adchoices