Dec 15, 2025 Kitco News

In this Outlook 2026 special, Jeremy Szafron sits down with Larry McDonald, founder of The Bear Traps Report, to break down the “Regime Change” hitting markets. Larry warns that a credit accident has already started, citing the collapse of the First Brands DIP loan (trading in the 30s) and the CoreWeave bonds (yielding 12%) as proof that underwriting standards have failed.

They discuss the “New Axis” of power in Washington, why the “Quarterly Liquidity” promise in private credit is the next Lehman-style risk, and why capital is about to rotate from the $32 Trillion Nasdaq 100 into the “bombed-out villages” of Hard Assets (Energy, Copper, Coal). Plus, actionable deep-value trades on Diageo, Schlumberger, and Brazil.

Recorded on December 15 2025

This Outlook 2026 segment is brought to you by Discovery Silver. Combining high-quality gold production with one of the world’s largest undeveloped silver deposits. Learn more at (https://discoverysilver.com)