Video News/In Focus with Jeremy Szafron

Lyn Alden says investors are missing the critical signals beneath the surface of the record setting S&P 500. Speaking with Kitco News Anchor Jeremy Szafron, she pointed to the divergence between the index’s megacaps and what she calls the “S&P 493,” which she describes as flatlining in a “mirage economy” driven by AI speculation and heavy fiscal transfers. Alden also revealed why the Federal Reserve quietly halted Quantitative Tightening on December 1, calling it a “forced pivot” that marks the start of what she terms the “Gradual Print,” a new phase of liquidity support rather than a return to the Easy Money era. The interview also explores Alden’s December research letter, “Why Most Cryptocurrencies Will Not Accrue Value,” where she argues that “utility” in crypto is a trap for investors and that Bitcoin stands alone as money. She discussed the widening disconnect between asset prices and economic fundamentals, the rise of “Emerging Market Lite” dynamics in the United States, and why sovereign wealth funds continue to accumulate Bitcoin despite recent volatility. Thanks to our sponsor, Swan Bitcoin for making this coverage possible.