Video News/In Focus with Jeremy Szafron

Edward Dowd, Founding Partner of Phinance Technologies, says the credit cycle has turned even as Wall Street continues to celebrate strength in equities. Speaking with Kitco News Senior Anchor Jeremy Szafron, Dowd pointed to a frozen housing market, private credit withdrawal gates, and growing pressure on lenders as signs that financial conditions are tightening. Dowd said the U.S. housing market is in a “buyer strike,” with home prices still needing to reset lower. He also warned that the S&P 500 is heavily concentrated in AI and AI-adjacent technology stocks, which he believes could limit forward returns. Dowd said private credit risks are growing as flows slow and funds are packaged into insurance products, comparing the trend to pre-2008 credit structuring. He outlined a defensive allocation to cash, long-dated Treasuries, and physical gold, and said gold could reach $10,000 by 2030.