Is the stock market heading for a bubble or a crash?
The clue is not be on Wall Street.
Hyperscalers are borrowing vast sums. Interest rates are under pressure. America is trying to reindustrialise. That leaves policymakers with a simple choice: increase liquidity or risk a serious credit crunch.
If the money printer is warming up, stocks could be setting up for a very strong autumn rally. Gold, silver and perhaps Bitcoin may benefit too. If it is not, things could get ugly.
