Michael Howell: Bullish on Gold, Cautious on What Comes Next
Is gold facing another correction before the next major liquidity upswing? Michael Howell of CrossBorder Capital joins Trevor Hall on Mining Stock Daily to discuss global liquidity, China’s gold demand, the debt refinancing wall, and his outlook for 2027. Recorded in London during LME Week, this conversation explores why Howell believes financial markets are entering a difficult phase—even as parts of the real economy remain strong. He explains how AI capital spending and rising refinancing needs compete for liquidity, and why Treasury bills, bank reserves, and repo markets deserve more attention than interest rates alone. Howell also lays out his case that China’s monetary expansion is an underappreciated driver of gold prices. Could gold help anchor a more divided international monetary system? And why does he favor bonds tactically while remaining bullish on gold, commodities, and hard assets over the longer term? We discuss: • The global liquidity downturn and a potential 2027 turning point • “Treasury QE,” debt monetization, and the changing role of the Fed • Monetary inflation versus energy and supply-side pressures • AI capital spending, credit stress, and the debt maturity wall • China’s debt problems and demand for gold • Bitcoin, the yield curve, and indicators of a liquidity recovery • What would actually force the Federal Reserve to intervene Follow Michael Howell’s research: Capital Wars on Substack Institutional research: https://glindexes.com More from Mining Stock Daily and the Clear Commodity Network: https://clearcommodity.net Subscribe for more conversations on gold, commodities, mining, and global markets.