In a recent episode of Money Metals Midweek Memo, host Mike Maharrey warned that the US economy may be on the verge of a sequel to the 2008 financial crisis. And like most sequels, he suggested, it could be even worse than the original.
He argued that today’s economic environment mirrors 2006 and 2007 in uncomfortable ways. Asset prices are elevated. Debt levels are extreme. Monetary policy has followed a familiar trajectory. The mood in markets feels confident and relaxed, which, in his view, is precisely what makes the situation dangerous.
This time, however, the warning is not coming only from alternative economic circles.
Jamie Dimon Sees the Same Risks
Maharrey pointed to recent comments from Jamie Dimon, CEO of JPMorgan Chase. Dimon said elevated asset prices and aggressive lending remind him of the years leading up to the 2008 crisis.
He warned that people are becoming comfortable with high valuations and assuming there will be no problems. He stressed that cycles always turn and admitted his anxiety is high. High asset prices, he said, are not reassuring. They increase risk.
Dimon also noted that lenders are loosening standards in pursuit of net interest income. He compared the current environment directly to 2005, 2006, and 2007, describing widespread leverage and a sense that the sky was the limit. In his words, people are doing dumb things to create income.
For Maharrey, hearing this from a Wall Street heavyweight reinforced the parallels he has been drawing for months.
Debt at Every Level
The debt backdrop is staggering. US government debt now exceeds $38 trillion. Despite talk of spending restraint, the federal government continues running large monthly deficits.
Consumer debt is also flashing warning signs. Student loan nonpayment is reportedly at record highs. Credit card balances remain elevated. Corporate bankruptcies are running at levels not seen since the early 2010s.
Meanwhile, the Federal Reserve has cut interest rates again, encouraging even more borrowing. Instead of deleveraging, the system is feeding what Maharrey described as a growing debt black hole.
The conditions look familiar because they are familiar.
The 2019 Echo and the Easy Money Addiction
Maharrey broadened the discussion to include parallels with 2019. After the 2008 crisis, the Federal Reserve held rates near zero for seven years and purchased more than $3.5 trillion in bonds through quantitative easing.
When the Fed began modest tightening in 2017 and 2018, markets quickly wobbled. The stock market sold off sharply in late 2018. By 2019, the central bank had reversed course, cutting rates three times and resuming balance sheet expansion.
Then the pandemic hit in 2020. The Fed slashed rates back to zero and added more than $4 trillion to its balance sheet. Instead of allowing the economy to purge excesses, policymakers injected even more liquidity.
Maharrey described the economy as addicted to easy money. Without it, the system experiences painful withdrawals in the form of recessions or crises. With it, the addiction deepens, and the eventual reckoning grows larger.
Money supply growth is now running at its fastest pace since July 2022. Additional rate cuts are still expected this year. The Federal Reserve faces a catch-22. It needs higher rates to contain inflation but lower rates to sustain a heavily indebted system.
Either path points toward continued pressure on the dollar’s purchasing power.
Gold Forecasts and the Manipulation Debate
In a notable development, JPMorgan recently raised its gold price forecast to $6,300 this year. Analysts at the bank also made a case for $8,000 gold in the near future.
The case centers on portfolio allocation. Most investors currently hold little to no gold. Even those with exposure often allocate just 1 to 3 percent. Some mainstream voices are now discussing a 60/20/20 portfolio model with 20 percent allocated to gold and precious metals.
If allocations rise meaningfully, investor demand could increase sharply.
Maharrey also addressed critics who cite JPMorgan’s history of fines, including roughly $20 billion over the past few decades and $920 million related to silver price manipulation. He argued that dismissing an argument based on the messenger does not refute the substance of the warning.
He acknowledged that manipulation exists, particularly in silver, but maintained that physical supply and demand ultimately drive markets. In his view, the physical silver market is increasingly asserting control over paper trading dynamics.
Platinum’s Explosive Run and Reset
The episode concluded with an in-depth look at platinum. While often overshadowed by gold and silver, platinum has delivered extraordinary gains.
According to the World Platinum Investment Council, platinum surged 119 percent last year. It continued climbing in early 2026, reaching an all-time high of $2,923 per ounce in late January before correcting alongside gold and silver.
After the selloff, platinum appears to have found support around $2,000 per ounce. Even with the pullback, it remains up 112 percent since January 2024.
The council noted that platinum’s rally temporarily disconnected from fundamentals, with unexplained price drivers exceeding $500 per ounce at the peak. The recent consolidation has brought prices back in line with underlying market conditions.
Supply remains a critical factor. In 2024, the platinum market recorded its third consecutive supply deficit, with a shortfall of 995,000 ounces. A slightly larger deficit is projected for 2025. Although 2026 may see a roughly balanced market, deficits in the 300,000 to 400,000 ounce range are expected through 2030.
Elevated lease rates and over-the-counter backwardation in London suggest ongoing tightness. Before 2011, platinum generally traded above gold. That relationship reversed in 2015, and the gap has widened. Whether parity returns remains uncertain, but tight supply and growing jewelry demand support a constructive outlook.
Plan Accordingly
Maharrey’s overarching message was straightforward. The macroeconomic backdrop looks increasingly fragile. Debt levels are massive. Monetary policy remains accommodative. Asset prices are elevated.
Even in the absence of a dramatic crash, ongoing monetary expansion implies continued currency debasement.
In that environment, holding tangible assets such as gold, silver, and platinum is not merely speculation. It is preparation.
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