U.S. jobs data misleading by 'design,' default cycle to trigger a recession in Q4 — Michael Lee

Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, interviews Michael Lee, Founder of Michael Lee Strategy, who says the U.S. labor market is already seeing “massive deterioration,” but it is not being reflected in the data that is being manipulated by design. Lee warns that a cascading wave of U.S. defaults will kick off a recession in the fourth quarter. Lee also maintains his call for $5,000 gold in three years and explores his own portfolio allocation during what he views as “the most difficult period to invest.” 00:00 – Intro 02:08 – Recession outlook 04:03 – Why U.S. labor data looks suspicious 14:20 – The state of the U.S. economy 25:36 – How the next U.S. recession will look like 36:39 – U.S. equity market 43:43 – How Lee is positioning his portfolio 45:4