My sincere apologies for the interrupted podcast this week. I inadvertently uploaded an unedited file followed by a technical problem added to the time before this corrected version was properly loaded.
When I interviewed Michael on April 10, 2025 he was convinced U.S. Treasuries are toast. Indeed, if you look at the long-term Treasury chart above, you can see that the long bull market that started in 1981 is over. Arguably it ended around 2017 when the ten-year rate stopped declining. The treasury markets run in very long-term trends. If that holds true into the future, that is very unfortunate for the American economy because of the massive amount of interest expense that will continue to eat into the flesh and bone of the American government and the U.S. economy.
You can’t tell it from the upper the chart above the lower momentum chart from Michael Oliver. But as reported last week, a 20-year upward momentum trend has broken down. Michael was concerned last weekend that if the dollar fell below 100 on the index, a great decline is in store for the dollar.
Other sectors that Michael is deeply concerned about are the banks and municipal bonds. He takes as a given that the major equity indexes have just begun a protracted bear market.
So Michael sees that there is no place to run and no place to hide other than gold.
I hope you will listen to my interview with Michael either here on Substack or on my JayTaylorMedia YouTube channel.
Best wishes,
Jay Taylor
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