Thread: "It's Going To Get WORSE..." - David Morgan & Bill Holter

"It's Going To Get WORSE..." - David Morgan & Bill Holter

"It's Going To Get WORSE..." - David Morgan & Bill Holter

Friday, October 23, 2026 0:22



"It's Going To Get WORSE..." - David Morgan & Bill Holter

"It's Going To Get WORSE..." - David Morgan & Bill Holter

AI

The Metals Brief

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Oct 22, 2026
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Bill Holter David Morgan gold talk usually ends in agreement - this time it did not. They split, on camera, over the one number that decides what your metal is worth.

Holter's case: at some point the United States revalues gold, Judy Shelton was placed at Treasury ahead of that, and a revaluation is reflationary - more collateral to borrow against, exactly what 1934 did when gold went from $20.67 to $35. He adds that it need not happen only once. You could get competing revaluations, $10,000 one week and $20,000 the next.

Morgan does not dispute the arithmetic. He disputes the cure. Pick a number high enough to cover the debt, he argues, and you have rewarded every zombie corporation that cannot service its own interest. Clear the bad debt first and the number you need is far smaller. Along the way both men go through the selloff itself: the commercial short position and where maximum pain sits, why the wholesalers' shelves are full, and why a real gold top would come with a low in the stock market rather than a record high.

This cut contains only Bill Holter's and David Morgan's own remarks from their 15 October conversation on CapitalCosm. The host's questions and the sponsor segment have been removed and the clips are arranged by topic. Our own evaluation at the end is clearly marked, is not their speech, and includes two corrections.

CHAPTERS
0:00 Highlights
0:25 Morgan: it is not the Fed any more, it is the debt market
1:27 Holter: rates rise because confidence falls
2:25 Morgan: paper, derivatives and the physical side
3:24 Holter: the open interest on the smash
4:02 Morgan: the commercials and maximum pain
5:00 Morgan: the believers have bought, and the black swans
5:56 Morgan: the buying zone, and why this is not a top
6:58 Holter: when credit breaks it is too late
7:25 Holter: credit saw the AI selloff first
7:44 Morgan: gold against housing and the S&P
8:20 Morgan: you cannot go broke saving real money
8:56 Morgan: why Judy Shelton, and why it is only a fortieth
9:23 Holter: she is there for the revaluation
10:13 Holter: to what level do they revalue?
10:34 Morgan pushes back: clear the bad debt first
11:29 Holter: competitive revaluations and 1934
12:26 Holter: gold is money, everything else is credit