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Liquidity Assets Move First

VRIC Media Jun 30, 2026

Summary

Gold and Bitcoin move early in the liquidity cycle, so Michael Howell sees a likely near-term peak even though the long-term trend stays up.

He argues governments must keep printing money over time, which supports these assets long term, but payoffs arrive in cycles rather than straight lines.

Investors weighing a market top should use several lenses, because monetary inflation hedges and broad equity indices behave differently.

Michael Howell's takeaways

  • Top takeaway Howell argues that liquidity-sensitive monetary inflation hedges like gold and Bitcoin may have seen a near-term peak as of the June 2026 as-of date, even though his long-term view on them stays positive.
  • He remains very long-term upbeat on gold and Bitcoin because, in his view, governments basically have to keep printing money.
  • He cautions that payoffs in these assets are cyclical rather than straight lines, so investors have to remember the cycles.
  • Asked whether broad indices are topping, he says only some things are and that the market should be judged through three or four lenses, starting with monetary inflation hedges.