Hosted by Jesse, the conversation covered the final stages of the current bull market, an impending global bust worse than 2008, and the extraordinary commodity boom he expects to follow massive central-bank money printing. Market Still Has Higher to Go Hunter remains bullish in the near term. He expects a final parabolic advance that could push the S&P 500 toward 10,000, the Nasdaq toward 36,000, the Russell toward 4,000, and the Dow toward 70,000 this year. He describes the current phase as classic late-cycle euphoria, with institutions and retail both all-in after years of skepticism. Geopolitical tensions (including conflict involving Iran) have not derailed markets, he argued, because oil inventories remain adequate and military realities are less dire than media portrayals suggest. The Coming Bust Hunter’s core thesis is that the 40-plus-year secular bull market that began in 1982 is nearing its end. He anticipates a global credit crisis larger than 2008, with major indices potentially falling as much as 80% (e.g., S&P from 10,000 down toward 2,000). Triggers could include stress in private credit, commercial real estate, private equity, or an overleveraged Japan (which he flags as a key wild card). Once the system starts free-falling, he expects central banks - led by the Fed - to respond with money printing on a scale never seen before, potentially $20 trillion or more from the Fed alone. The Aftermath:
Inflation and a Commodity Super-Cycle After the deflationary bust, Hunter sees a powerful inflationary recovery driven by that flood of new money. He forecasts inflation eventually reaching 20-25%.
In this environment:
- Gold could reach $7,000 in the current cycle and $20,000 in the next (around 2032-33)
- Silver could hit $200 this cycle and potentially $1,000 in the following one
- Copper could climb to $20 - $30
He expects leadership to shift away from tech and AI toward old industrials, commodities, and companies with genuine pricing power. The post-bust recovery will not be another multi-decade secular bull market like the one just ending; instead, he anticipates more muted, inflation-driven gains.
Practical Takeaways
Hunter advises caution with equities and junk bonds near the top. He sees relative safety in long-dated U.S. Treasuries (which he believes could briefly trade to 0%) and FDIC-insured cash. Once the bust arrives and printing begins in earnest, he expects metals and select commodity-related assets to offer the strongest upside.
Bottom line:
Hunter’s sequence is clear - final melt-up, severe global bust, unprecedented money printing, then a powerful inflationary commodity bull market that takes gold and silver to levels most investors still consider unimaginable.
