China Shut the Money Tap March 2. Michael Howell Says That's Why Gold Stalled.

Michael Howell of CrossBorder Capital (@crossbordercap), author of Capital Wars, tracks the one thing most market commentary skips: liquidity. His read is that the cycle has passed its peak and is rolling over everywhere except China, and the reason is not central bank tightening. It is that economies are strong. As he puts it, all money that's anywhere must be somewhere, so when money is being pulled into the real economy it is not sitting in financial assets, and that makes it a hard grind for prices to keep rising. He describes the current phase as speculative, where you can still make money but volatility is high and the straight-line moves of the past two years are gone. He walks through how heavy short-dated government issuance absorbed by banks amounts to money creation by the private sector rather than the central bank, why he thinks yields could rise appreciably, and why Japan is the preview. On China he sees the opposite phase, debt deflation that forces internal money printing, which he links to gold, adding that China's central bank tends to drive bullion while the Fed drives Bitcoin. All views are his. 📊 tastylive: https://www.tastylive.com/ 📰 Get Tom's pre-market analysis every morning: https://www.tastylive.com/newsletters 📘 FREE Options Strategy Guide: https://tinyurl.com/bp9ms763 📱 Follow tastylive on X: https://x.com/tastyliveshow Chapters 00:00 Why liquidity is the real driver 00:59 The cycle has rolled over 02:06 Inside the speculative phase 03:12 Heavy issuance at the short end 04:51 Japan as the preview 05:00 What the curve is signalling 09:19 China is in the opposite phase 10:29 The link between printing and gold 11:32 Who drives gold and who drives Bitcoin 11:47 State spending and the wealth divide #tastylive #michaelhowell #liquidity #macro #gold #bitcoin #bondyields #tradingtrends #china #markets tastylive is a real financial network, producing hours of live programming every day. Follow along as our experts navigate the markets, provide actionable trading insights, and teach you how to trade. With over 120 original segments, and over 25 personalities, we'll help you take your trading to the next level, whether you are new to trading or a seasoned veteran. tastylive content is created, produced, and provided solely by tastylive, Inc. ("tastylive") and is for informational and educational purposes only. It is not, nor is it intended to be, trading or investment advice or a recommendation that any security, futures contract, digital asset, other product, transaction, or investment strategy is suitable for any person. Trading securities, futures products, and digital assets involve risk and may result in a loss greater than the original amount invested. Investment information provided may not be appropriate for all investors and is provided without respect to individual investor financial sophistication, financial situation, investing time horizon or risk tolerance. Options, futures, and futures options are not suitable for all investors. Prior to trading securities, options, futures, or futures options, please read all applicable risk disclosures, including, but not limited to, the Characteristics and Risks of Standardized Options Disclosure and the Futures and Exchange Traded Options Risk Disclosure Statement found at https://tastytrade.com/disclosures/. Past performance is not indicative of future results. Performance is not presented net of all commissions, fees, and expenses. Multi-leg option strategies incur higher transaction costs than single leg trades as they involve multiple commission charges. Examples provided are for illustrative, informational, and educational purposes only and are not intended to be reflective of results you can expect to achieve. Supporting documentation for any claims, including claims made on behalf of options programs), comparisons, statistics, or other technical data, if applicable, will be supplied upon request. tastylive, through its content, financial programming or otherwise, does not provide investment or financial advice or make investment recommendations. tastylive is not a licensed financial adviser, registered investment adviser, or a registered broker-dealer.