In this week’s episode of Investing, Markets & Money, host Stuart Fieldhouse sits down with Michael Brown, Senior Market Analyst at Pepperstone, for a wide-ranging discussion on what’s driving global markets right now.
Michael explains why gold and silver have been standout performers this year — up roughly 50% and 70% respectively — and why he still sees both metals as “buy on dips” opportunities. He attributes the strength in precious metals to rising inflation expectations, unsustainable government spending, and record physical demand from central banks and retail investors alike.
The conversation turns to the U.S. banking sector, where recent regional bank jitters have reignited memories of 2023’s Silicon Valley Bank collapse. Brown argues the current issues are largely isolated rather than systemic, noting that markets tend to “make a mountain out of a molehill” when sentiment is fragile.
They also discuss the U.S. debt trajectory, China–U.S. tariff tensions, and whether the AI boom is becoming a bubble. Brown believes markets may be overplaying the risks and highlights how AI investment is broadening beyond semiconductors into infrastructure, power, and data networks.
Finally, they turn to the UK markets, where Michael sees a stark contrast between the globally exposed FTSE 100 and the sluggish, domestically focused midcaps. With the UK budget looming, he warns that uncertainty, weak business confidence, and “government by spreadsheet” risk trapping the economy in a fiscal doom loop.
It’s a must-listen for anyone tracking global macro trends, precious metals, and equity market risks.
Listen: Gold, Debt & AI: What’s Really Driving Markets Right Now
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Content
00:00 Precious metals: gold and silver trades
04:50 The US Dollar and US banks
07:45 US debt and borrowing trends
11:25 Tariffs and the US-China trade war
15:25 The S&P 500 and the AI bubble
21:05 UK stocks and the UK budget
25:22 Why such intense speculation on the Budget?
