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Zeberg & Faber: The Rally Before the Reckoning

Watch on YouTube ↗  |  June 26, 2026 at 20:00  |  11:24  |  Wealthion
Speakers
Henrik Zeberg — Head Macroeconomist, SwissBlock
Marc Faber — Editor, Gloom, Boom & Doom Report
Andrew Brill — Host, Wealthion

Summary

Henrik Zeberg and Marc Faber discuss the final melt-up phase in US equities, predicting a Nasdaq rally of at least 15% before a catastrophic crash. Zeberg sees a technical fractal akin to 1997-2000 and warns gold and silver will also fall during the coming credit crunch. Faber compares the AI boom to historic technology busts that ended in colossal losses for most investors, while maintaining that gold remains a long-term store of value.

  • Nasdaq could rally to 33,000-34,000 in a final melt-up driven by technicals and capital rotation.
  • The rally is 'pure air' and will end in a severe crash, potentially worse than 2008.
  • Gold and silver are expected to decline during the credit crunch as cash needs dominate.
  • The AI boom is real but history suggests most participants will suffer huge losses.
  • Gold remains a superior long-term asset against stocks in a world of deficits and bubbles.
  • Private credit markets and black swan risks could trigger a domino-effect financial disaster.
  • Home prices and equities could both fall, but nominal declines may be muted against gold.
Ideas
Henrik Zeberg Head Macroeconomist, SwissBlock 0:02
Nasdaq to rally 15% more
Zeberg believes the Nasdaq is in a final melt-up phase, with a target of at least 33,000-34,000, driven by a fractal similar to 1997-2000, vertical moves, and rotation of capital into the US. He says the market has at least 15% upside from here as investors chase the 'last 20%' of the rally, but warns it is 'pure air' – not value.
QQQ HIGH
Henrik Zeberg Head Macroeconomist, SwissBlock 8:09
Gold and silver fall during crash
During the coming credit crunch and crisis, gold and silver will fall because investors will need cash to cover loans and solve liquidity demands, just as they did during the 2008 financial crisis. They are not safe havens in that phase.
SILVER MED
Marc Faber Editor, Gloom, Boom & Doom Report 9:09
AI boom ends in colossal losses
The AI boom is real with massive capital spending, but history shows that such technology booms (railroads, autos, oil, dot-com) usually end in colossal losses for most participants. Only a few winners survive, and many investors will be disappointed.
XLK HIGH
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This Wealthion video, published June 26, 2026, features Henrik Zeberg, Marc Faber discussing QQQ, SILVER, XLK. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Henrik Zeberg, Marc Faber  · Tickers: QQQ, SILVER, XLK