He Called the Dot-Com and Housing Bubbles. Here’s What He’s Betting On Now | Bob Klein
Sep 7, 2026
Michelle Makori, President & Editor-in-Chief of Miles Franklin Media, interviews Bob Klein, Founder and Chief Investment Officer of Medici Capital. Klein, who identified the dot-com and housing bubbles before they burst, explains why the U.S. stock market is once again in bubble territory and what could ultimately bring the boom to an end. He warns that major technology companies may struggle to generate adequate returns on the trillions of dollars being committed to AI, but believes the bubble could continue until the Federal Reserve tightens liquidity more forcefully.
The conversation also examines rising sovereign debt, mounting interest costs and the risk of losing control of the U.S. Treasury market. Klein argues that the dollar-based monetary system is steadily losing credibility as central banks & governments rebuild their gold reserves. He believes this monetary shift is only in the “fourth inning” and says $10,000 gold by 2030 is a realistic possibility, with the potential for gold to move considerably higher.
Klein also reveals why gold mining shares represent his highest-conviction investment theme. Drawing on more than 40 years of financial-market experience and his extensive collection of historical coins & paper currencies, he explains how monetary debasement has repeatedly produced financial booms, inflation and destructive busts throughout history.
In this episode of The Real Story:
Why $10,000 gold by 2030 is realistic
The AI bubble & its potential trigger
Stocks falling by a third or more
Sovereign debt and rising Treasury yields
Central banks rebuilding their gold reserves
Follow Miles Franklin Media on X: https://x.com/MilesFranklinCo
Follow Michelle Makori on X: https://x.com/MichelleMakori
Follow Bob Klein on X: https://x.com/bobkleinmedici
Learn more about Medici Capital: https://medicicapitalfunds.com
00:00 Introduction
02:12 Macro Boom Outlook
03:27 How Long Can It Run
04:46 Bubble Valuations & AI Hype
08:27 AI Capex Returns Risk
09:44 What Pricks the Bubble
11:34 Fed Warsh & Rate Path
16:28 Downturn Shape Stagflation
19:24 China Catalyst & Rotation
22:27 Sovereign Debt Warning
24:26 Why Not Shorting Now
25:33 Gold & Monetary Reset
30:38 Gold Miners Value Case
37:14 Miners Tailwinds & Safety
39:15 Gold Versus Miners
40:37 Producers Not Explorers
41:02 Miners New Discipline
43:04 Gold Price Target
44:59 Crash Or Grind Down
46:46 Rotation Into Gold
48:03 Michael Lewis Shoutout
50:57 Coin History Lesson
53:39 Rome Debasement Parallels
56:38 China Paper Money Fail
01:01:23 Gold System Takeaways
01:06:15 Gold As Real Money
01:12:14 Highest Conviction Now
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Disclaimer: The views and opinions expressed in this video are those of the individual speakers and do not necessarily reflect the views of Miles Franklin Precious Metals, its affiliates, owners, anchors, producers or hosts. This content is provided for informational and educational purposes only and is not intended as financial, legal, or investment advice. Nothing said in this video should be construed as a recommendation to buy or sell any financial asset. You should always consult with a qualified financial advisor, legal professional, or tax expert before making any investment decisions. Investing involves risk, including the potential loss of principal.
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