Patrick Karim: Past debt cycles suggest gold, silver and oil may outperform growth assets

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02.08.2026

Patrick Karim: Past debt cycles suggest gold, silver and oil may outperform growth assets — Debt cycles may favor gold and oil

Patrick Karim, technical analyst at Technical Traders Ltd, highlights that each major debt cycle in history has been triggered by a different catalyst, such as the Vietnam War, oil shocks, the Latin American debt crisis, the S&L crisis, the dotcom bubble, the global financial crisis, and COVID.

Karim observes that while the catalysts change, the rising debt trend remains constant. He suggests that if this pattern holds, gold, silver, and oil could once again outperform traditional growth assets.

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Karim has previously set long-term targets for precious metals and energy, projecting silver could surpass $800 and crude oil more than $400 per barrel. In a separate outlook, he cautioned that mortgage rates may climb further, raising concerns over higher borrowing costs. These forecasts follow his ongoing focus on the impact of debt cycles and market catalysts.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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