Video News/Outlook 2026

David Rosenberg says the U.S. economy is already in a “silent” contraction that is being masked by government hiring and a narrow stock market rally. Speaking with Kitco News Anchor Jeremy Szafron in this Outlook 2026 interview, Rosenberg challenged the soft landing narrative, arguing markets are being propped up by the S&P 500 even as underlying conditions deteriorate. He pointed to what he calls a “No Hire, No Fire” economy, where the hiring rate has collapsed to cycle lows and real job losses of roughly 20,000 per month are being obscured by headline payroll data. Rosenberg also warned that markets are deep into what he described as the “6th Mega Bubble” of the past 100 years, with the Shiller PE ratio near 40x. He noted that so-called smart money appears defensive, citing Warren Buffett’s $400 billion cash position and Jamie Dimon’s preference for Treasuries. Looking ahead to 2026, Rosenberg outlined a defensive playbook centered on gold, energy infrastructure, and bonds as credit stress and refinancing risks intensify. Thanks to our sponsor, Discovery Silver, for making this coverage possible.