David Hunter: Imminent Global Depression 'Bigger Than 2008', Big Reversal Coming For Gold

Palisades Gold Radio Oct 9, 2026 55:01

Summary

Hunter argues extreme bearish bond sentiment marks a major top in rates, with the 10-year Treasury back at 2007 levels.

He expects oil to roll over into the $60s, driving a downside inflation surprise as a struggling consumer weighs on growth.

He sees a 3-6 month melt-up first, with his S&P target at 10,000, before a 70-80% global bust he calls bigger than 2008.

Hunter predicts gold at $7,000 and silver at $200 within months, sharp corrections in the bust, then $20,000 gold by the early 2030s.

Miners are the cheapest sector, he says, as disciplined management, record earnings, and near-zero institutional ownership set up a re-rating.

Top takeaway The host frames Hunter's thesis as a sequence - an imminent equity top, then a deflationary global bust, then money printing that ends in an inflationary crack-up boom - and asks why policymakers would not print earlier to limit the drawdown.
He raises the gold re-monetization debate, saying many analysts he speaks to expect a soft or hard gold reset, and asks whether miners are set up to outperform if gold rises faster than their cost inputs.

Top takeaway As of October 2026 Hunter is calling a final equity melt-up to his targets - S&P 10,000, Nasdaq 36,000, Dow 70,000, Russell 4,000 - topping within 3 to 6 months, followed by a global bust in which the S&P falls 70-80% to around 2,000, which he says would be the biggest bear market since 1929.
He argues record bearish sentiment marks a major bottom in bonds and a 20-year top in rates, with the 10-year stalling near the 5.35% area last seen in 2007, and sees a good chance of no further Fed hikes.
On metals he sees gold and silver bottoming now and running to $7,000 gold and $200 silver within 3 to 6 months, then correcting roughly 40-50% and 60-75% in the bust, before a next cycle takes gold to about $20,000 and silver to $1,000 in the early 2030s.
He expects policymakers' aversion to repeating ZIRP and QE to make their response to the bust slow and reluctant, creating an air pocket, before roughly $50 trillion of global money printing drives about 25% inflation and a collapse by the early-to-mid 2030s.
He calls mining stocks the cheapest sector, citing operating discipline and record earnings this cycle, and predicts institutional buying - somewhat within six months and far more next cycle - drives a steep, semiconductor-like run.