The ‘Everything’ Crash: U.S. Debt Crisis Leaves Nowhere To Hide | Brett Heath

Summary

Brett Heath, CEO of Metalla Royalty, discusses how rising long-end Treasury yields driven by leveraged hedge funds replacing central banks will pressure real estate and the economy. He is bullish on gold, gold miners, oil, copper, and royalty/streaming companies, including Metalla, while warning on the US dollar. He also sees Middle East tensions causing broad commodity supply disruptions.

• Middle East conflict is seen causing broad commodity supply disruptions, especially oil.
• Long-end Treasury yields are expected to rise because price-sensitive hedge funds are now the marginal buyers of US debt.
• Higher long-end rates are expected to hit mortgages and push real estate lower.
• Gold is supported by central bank diversification from Treasuries, with $4,000 viewed as a floor.
• Gold mining equities are described as cheap with record margins and a positive technical breakout.
• Copper is framed as an unpriced AI power bottleneck with very long mine lead times.
• Royalty and streaming companies are positioned as a material part of mining capital stacks as debt costs rise.
• Metalla reports record Q2 revenue, adjusted EBITDA and net income and sees growth from development assets.