Banks' “Considerable” Exposure to Private Credit | Chris Whalen on Banks’ Loans to NBFIs, Plus CRE, Gold, and Payments – Monetary Matters with Jack Farley

Banks' “Considerable” Exposure to Private Credit | Chris Whalen on Banks’ Loans to NBFIs, Plus CRE, Gold, and Payments – Monetary Matters with Jack Farley

Bullish:

$GLD - Chris sees gold as an asymmetrical trade with little downside, driven by central bank buying and dollar depreciation concerns.
$SLV - Chris sees silver facing an acute shortage due to technology demand, with Chinese industrial buyers aggressively accumulating.
$AXP - Chris views American Express as having unassailable franchise value with exceptional non-interest income generation.

Bearish:

$PRIVATECREDIT - Chris expects significant losses in private credit as debt gets converted to equity and valuations come under pressure.
$BDC - Chris sees BDCs remaining under pressure due to private credit concerns and lack of transparency.