Bons are back: The “Race for Cash” Is Getting Dangerous | Larry McDonald & Michelle Makori

October 5, 2026
Michelle Makori, President & Editor-in-Chief of Miles Franklin Media, speaks with Larry McDonald, political risk expert, New York Times bestselling author and founder of The Bear Traps Report, a research platform focused on global systemic risk. With more than 1 million books sold in over 12 languages, McDonald brings decades of market experience to a discussion about mounting stress beneath the stock market, the historic crash in bonds, & why the $40 trillion U.S. debt burden could reshape the outlook for gold, silver and hard assets.
McDonald explains why he believes gold has upside toward $7,000, why he has been buying silver back after selling earlier in the year, and why he sees financial repression as the likely path will be used to manage America's growing debt burden. He breaks down why he expects the Federal Reserve & Treasury to work more closely to keep interest rates below inflation and why a shift back toward rate cuts could become a major catalyst for gold, silver and other rate-sensitive assets. He also warns that major stock indexes are masking significant weakness beneath the surface and explains why investors should pay close attention to a potential rotation from financial assets into hard assets.
In this episode of The Real Story:
Why McDonald sees potential upside toward $7,000 gold
Why he believes silver offers an attractive opportunity
How financial repression could address the $40 trillion debt burden
Why rate cuts could become a major catalyst for hard assets
The hidden market stress he believes major indexes are masking
Follow Miles Franklin Media on X: https://x.com/MilesFranklinCo
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Follow Larry McDonald on X: https://x.com/Convertbond
Learn more about Larry McDonald and The Bear Traps Report: https://www.thebeartrapsreport.com
00:00 Coming Up
01:57 Introduction
03:48 Race for Cash Explained
07:05 Silicon Valley Debt Frenzy
10:15 Hidden Consumer Crash
11:30 Treasury Bag of Tricks
12:49 Equity Likes Bond Upside
15:07 High Yield Stress Signals
16:56 Bonds Are Back Thesis
21:01 Who Gets Crowded Out
23:21 Fed Limits and Hard Assets
27:08 Rate Cuts Repricing Ahead
29:51 Inflation Model Miss
32:13 PCE Revisions and Repressions
35:22 Gold and Silver Targets
36:19 Financial Repression Explained
36:33 Stablecoins as T-Bill Demand
39:53 Hard Assets Rotation Thesis
43:31 Stablecoin Laws and Growth
45:46 Global Demand and Tether
48:00 Politics Term Premium Risks
51:40 Market Call Postmortem
55:02 Tax Loss Selling Playbook
58:35 Bargain Basket Picks
01:00:36 Highest Conviction Trades
01:02:00 Silver Outlook and Ratio

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Disclaimer: The views and opinions expressed in this video are those of the individual speakers and do not necessarily reflect the views of Miles Franklin Precious Metals, its affiliates, owners, anchors, producers or hosts. This content is provided for informational and educational purposes only and is not intended as financial, legal, or investment advice. Nothing said in this video should be interpreted as a recommendation to buy or sell any financial asset. You should always consult with a qualified financial advisor, legal professional, or tax expert before making any investment decisions. Investing involves risk, including the potential loss of principal.
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