Get “The Global Credit Reset Is Here (and Why Silver Is Next)” research report for free

The companion research report to Felix Prehn’s video, prepared by Goat Academy Research. Enter your email address and the report opens immediately.

A 24-page research report on the credit reset now under way. America sold $39 billion of 10-year notes at 5.3 per cent, the highest borrowing cost since 2000, against federal debt of $39.46 trillion that has to be refinanced at today's rates. Stress is showing first in AI-linked debt: bonds behind Oracle, SpaceX and Meta's Hyperion data centre are at or near record lows, and insuring Paramount's debt costs close to 2008 levels, while AI-related stocks are 49 per cent of the S&P 500 and 89 per cent of US stocks have already fallen more than 10 per cent from their peak. Silver has roughly halved from its January peak near $117 after $1.6 billion was sold in a single week, much of it forced or rule-based. The report sets out what central banks have done each time credit broke, why that has tended to favour scarce assets such as silver and long-dated government bonds, and what would prove the thesis wrong.

Goat Academy is an online financial education institution founded by economist and former investment banker Felix Prehn.