Earn up to a 4% yield on your physical gold or silver, paid in gold ounces: https://Monetary-Metals.com/Commodity Edward Dowd continues to sound the alarm on the ballooning AI bubble, a major real estate crisis unfolding, and unprecedented government intervention in the stock market, and he&#x27;s calling for a major collapse of the broad indices, in a move that will break everything but gold, which he sees soaring to $10,000 ahead. Join the Commodity Culture Whatsapp Group: https://chat.whatsapp.com/EnLLbr72mc22zFwcHWvAWo Beyond the Narrative Substack: https://substack.com/@eddowdbeyondthenarrative Phinance Technologies: https://phinancetechnologies.com Edward Dowd&#x27;s Website: https://www.eddowd.com Follow Edward on X: https://x.com/DowdEdward Subscribe to the FREE Commodity Culture Newsletter: https://readplaza.com/commodityculture Follow Jesse Day on X: https://x.com/jessebday Commodity Culture on Youtube: https://youtube.com/c/CommodityCulture

'Unstoppable' Market Crash To 'Break Everything' But Gold - $10K Incoming: Edward Dowd

Commodity Culture

This is the Commodity Culture Podcast, where we interview prominent investors, fund managers, analysts, and company CEOs to give you an edge when it comes to investing in the commodity space. Ed Dowd, great to have you back on the show. Now, I want to talk about the broad market as we often kick off our conversations there.

There have been some reports out recently claiming it's at the most expensive valuation in history, surpassing the GFC and dot-com bubble before both of those bubbles burst. And you wrote last week on your sub stack, strip out the AI-related spending and what does U.S. growth look like? Not pretty. The stock market's concentration in a handful of AI-adjacent names has reached levels that would have been called reckless in any prior cycle.

So clearly, the lights are flashing red, the alarms are blaring, but people aren't running for the exits yet. Have we reached peak complacency at this point? Yeah, I'm not going to call a market top. Who knows? But we wrote a piece in 2025 looking at the valuations. They were absurd a year ago. They've gotten even more absurd.

And we wrote then, and we stand by it, is that historically, when you look at these valuations, 10-year forward returns are 0%, including dividends. So it implies a massive drawdown sometime between now and then. You know, look, when semiconductors are 19% of the S&P 500 as an industry, you know, they're very cyclical. They always have been.

They have tremendous bubble moves, parabolic moves in times of new technologies like they did in the dot-com era. And they just had a parabolic move into June. They've pulled back a little bit. Some people think it's over. We don't know yet.

'Unstoppable' Market Crash To 'Break Everything' But Gold - $10K Incoming: Edward Dowd

Read the full transcript

The candid version is on a podcast,
not the earnings call.

'Unstoppable' Market Crash To 'Break Everything' But Gold - $10K Incoming: Edward Dowd

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.