'All Steps Point To Recession': Which Asset Will Recover First? | Gary Wagner

Summary

Gary Wagner of TheGoldForecast.com argues the U.S. economy appears headed for recession and the tariff-driven trade war points to further downside in U.S. and global equities. He expects gold to recover before stocks and resume its safe-haven role, with key technical support near $2,970 and a longer-term target of $3,500. He also says silver is trying to find support after an oversold selloff, while the S&P 500's 2019-style 19% decline is worth watching for a possible V-shaped recovery.

• Gary Wagner says recession appears unavoidable under the current policy and trade setup.
• Tariff escalation into a full-blown trade war is the main driver of market turmoil.
• He expects U.S. and global equities to face further downside before finding support.
• Gold is expected to recover before equities as safe-haven demand returns after the recent liquidation-driven selloff.
• Key gold technical support is around $2,970, with a longer-term target of $3,500 by Q2 next year.
• Silver is attempting to find support after a steep two-day decline, helped by possible short covering.
• The S&P 500's roughly 19% drop is compared with the 2019 tariff selloff and watched for a potential V-shaped recovery.