Archive - Early Morning with Dave

All Eyes on the CPI Data But Keep in Mind That Real Estate Inflation Is Falling Fast

Evidence mounts that all the looming income tax refunds will be eaten up by the Trump tariffs.

Feb 13 • David Rosenberg

Calling Bull on an Allegedly Bullish Payroll Report

The payroll revisions show that the cyclically-exposed sectors of the economy shrank last year — which has never happened outside of a recession.

Feb 12 • David Rosenberg

Nice Rallies in Asian/EM Equities, Global Bonds, and Both the Yen and Aussie Dollar

Despite the consensus narrative of booming U.S. growth, the Atlanta Fed has taken a knife to its estimate for real final sales. Today's payroll data…

Feb 11 • David Rosenberg

Nikkei and Yen Extend Their Impressive Post-Election Gains

The book of AI moves to a new chapter: a debt boom

Feb 10 • David Rosenberg

Takaichi Rolls the Dice, Wins Big, and the Nikkei, JGBs, and the Yen Respond in Kind

Global bond markets feel the heat from the Takaichi victory, chatter of more Chinese selling of Treasuries, and loss of confidence in Starmer.

Feb 9 • David Rosenberg

A Lesson in Market Gravity

Stepped-up AI capex boom has investors revising their ROI estimates.

Feb 6 • David Rosenberg

Big Problems Emerge in the Market for Silver and Software

Cracks are surfacing in the Tech trade across stocks, bonds, and loans. But investors are rotating to value in a major way rather than building cash.

Feb 5 • David Rosenberg

Clouds Swirl Over the AI Trade; WMT Joins the $1 Trillion Club; Gold Stages a Big Revival

After all that, gold is still up an impressive +16% for the year!

Feb 4 • David Rosenberg

Tech Stocks (Especially Chips) Regain Momentum and Precious Metals Post Big Rebound

Indian equities and the rupee are in play after the tariff-slashing trade agreement with the United States

Feb 3 • David Rosenberg

Warsh Appointment Kyboshes the "Debasement" Trade

Markets correct, speculation retreats, and key reports await.

Feb 2 • David Rosenberg

January 2026

Gold and Silver Slump as Fed Chair Bets Unwind the Debasement Trade

The dollar and yields firm as metals, crypto, and Tech wobble.

Jan 30 • David Rosenberg

Gold Rally Continues as a Government Shutdown Looms

Gold and silver are hitting new highs seemingly daily — the silver chart looks parabolic. “Hi-Yo, Silver!”

Jan 29 • David Rosenberg

#nojs-banner { position: fixed; bottom: 0; left: 0; padding: 16px 16px 16px 32px; width: 100%; box-sizing: border-box; background: red; color: white; font-family: -apple-system, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 13px; line-height: 13px; } #nojs-banner a { color: inherit; text-decoration: underline; } This site requires JavaScript to run correctly. Please turn on JavaScript or unblock scripts