Tavi Costa of Crescat Capital joins Tom to discuss the debt distortion in the markets. Tavi doesn't expect a V-shaped recovery, and he says, "They have never been this bullish on gold and silver." He feels that China and Hong Kong are in massive credit bubbles that will burst. We are currently in a liquidity trap as the world has lost 50 trillion in market cap from February to the bottom in March. Amazingly even with massive money printing, we don't yet have an excess of liquidity in the system. Gold equities are the only asset class in the world trading today at 1980 levels.
Time Stamp References:0:40 - State of the markets.3:20 - Crescats macro model11:40 - The US Dollar outlook.18:10 - The case for gold/silver.22:10 - Crescats positioning.26:50 - Leverage ETF Risks.29:30 - Is a gold pullback possible?