David Hunter: Demand For Commodities Will Go ‘Through The Roof’ | $20,000 Gold by Early 2030s

Mar 13, 2026

David Hunter, Chief Macro Strategist at Contrarian Macro Advisors with 25 years in investment management, outlines a dramatic market transformation. He discusses a near-term melt-up followed by a severe bust, reasons rates might fall despite deficits, and why commodities and industrials could dominate the next cycle. He also highlights gold’s potential multi-decade upside and timing challenges for capital preservation.

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INSIGHT

Bonds Stocks And Metals Can Rally Together

During the melt-up bonds, stocks, and metals can rally together as rates fall toward 3% or below, creating simultaneous tailwinds across asset classes.
Hunter's pre-bust targets include gold $6,800, silver $180, and copper $8 by Labor Day.

INSIGHT

Bust Could Exceed 2008 In Severity

The bust could be worse than 2008–09 because global leverage is far higher, producing larger equity and housing declines.
Hunter forecasts up to an 80% peak-to-trough stock decline and 30–40% housing declines in the bust phase.

INSIGHT

Slow Central Bank Response Could Require Massive QE

A melt-up could be followed months later by a deep bust; central banks will be slow to respond and likely underestimate required liquidity.
Hunter estimates the Fed may need up to $20 trillion in QE and the balance sheet could reach ~$30 trillion in crisis response.

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Stijn Schmitz welcomes David Hunter to the show. David Hunter is Chief Macro Strategist with Contrarian Macro Advisors. David provides a comprehensive macro outlook that anticipates a significant market transformation in the coming years. He believes the current market is in the late stages of a 43-year secular bull market, with a potential melt-up phase that could see the S&P 500 reaching 9,500 by mid-year or Labor Day. However, he warns of an impending “bust” that could result in an 80% market decline, potentially worse than the 2008-2009 financial crisis.

Hunter’s analysis suggests a complex economic landscape where initial deflationary pressures will give way to potentially hyperinflationary conditions by the early 2030s. He anticipates central banks will be slow to respond to the economic downturn, potentially requiring up to 20 trillion in quantitative easing to stabilize the system. The federal balance sheet could expand from the current 6.5 trillion to as much as 30 trillion.

Regarding asset classes, Hunter recommends a strategic approach to capital preservation. He believes the current investment mantra of “time in the market” will be insufficient and investors should consider carefully timing their exit from markets. He expects significant opportunities in commodities and industrial sectors, with potential dramatic price increases in oil, copper, and precious metals. For gold specifically, Hunter forecasts a potential rise to $6,800 this year and potentially $20,000 by the early 2030s. He views gold as a potential hedge against the massive economic restructuring he anticipates. His outlook extends to a potential systemic financial reset between 2033-2035, which he describes as the end of an 80-90 year economic supercycle.

Hunter emphasizes that while the coming economic transformation will be challenging, it will also create new investment opportunities, particularly in industrial and commodity sectors. He advises investors to remain flexible and prepared for significant market disruptions.

Timestamps:
00:00:00 – Introduction
00:00:45 – Market Volatility Overview
00:02:52 – Melt-Up Scenario Explained
00:05:03 – Interest Rates Outlook
00:08:10 – Inflation and Money Supply
00:10:26 – Bust Phase Predictions
00:11:35 – Asset Performance Melt-Up
00:13:33 – Post-Melt-Up Recession
00:20:37 – Middle East Conflict Impact
00:24:20 – Oil Price Forecasts
00:27:10 – Investment Strategy Advice
00:38:03 – Gold and Commodities Future
00:42:50 – Gold During the Bust
00:44:06 – US Dollar and Gold Role
00:51:01 – Concluding Thoughts

Guest Links:
X: https://x.com/DaveHcontrarian

David is Chief Macro Strategist with Contrarian Macro Advisors. He is an investment professional with 25 years of investment management experience and 21 years as a sell-side strategist with robust macroeconomic analysis and portfolio management expertise. His strong macro capabilities, combined with a contrarian philosophy, have allowed him to forecast economic cycles and spot market trends well ahead of the consensus. Intellectually honest, independent thinker comfortable with charting a course apart from the crowd.