Stocks, Gold, and the Biggest Macro Shift in Decades | David Hunter

David Hunter argues equities are in the late stages of a historic melt-up that could continue for another 8-18 months before a major top, with leverage building toward a potentially severe global bust. He says the setup is being driven by AI-led market leadership, persistent risk appetite, and a complacent backdrop that still has room to run before the eventual reversal. On rates and policy, Hunter is watching Treasury yields and Fed signaling as key inputs to the next leg of the cycle. The discussion frames the macro backdrop as one where sentiment and positioning matter more than fundamentals in the near term, but where stretched leverage could sharply unwind later. For precious metals, the implication is more medium-term than immediate: gold is not the central focus of the call, but Hunter’s broader thesis implies bullion could benefit when the equity melt-up ends and the financial system de-risks. Near-term, though, the message is mixed because the risk rally may still keep gold subordinate to equities and cyclicals until the top forms.