Macro Voices

MacroVoices #493 Ole Hansen: Commodities Are Heating Up!

MacroVoices #492 Daniel Lacalle: The End of American Exceptionalism?

MacroVoices #491 Rick Rule: Oil, Uranium & Precious Metals

MacroVoices #490 Dr. Pippa Malmgren: Bessent, Stablecoin & JFK

In Macro Voices episode 490, Erik Townsend and Patrick Ceresna interview Dr. Pippa Malmgren about the evolving presidential political agendas and their effects on macro markets. Pippa discusses stablecoins, the role of Scott Bisant, the bigger financial strategy, the intelligence agencies, declassification, and the fut...

MacroVoices #489 Darius Dale: Are You Positioned For The Melt-Up?

In Macro Voices Episode 489, Erik Townsend interviews Darius Dale, founder of 42 Macro, about the current market outlook and economic policies. Darius Dale shares his bullish perspective on U.S. equities, driven by a shift towards pro-growth, stimulative fiscal policies aimed at growing the U.S. out of its national deb...

MacroVoices #488 Lyn Alden: Run It Hot!

In Macro Voices Episode 488, Erik Townsend interviews Lyn Alden about the dominance of fiscal policy over monetary policy in shaping market outcomes. Lyn argues that large fiscal deficits and existing debt levels make fiscal policy more impactful than interest rate adjustments. She suggests investors should adopt a "ru...

MacroVoices #487 Larry McDonald: The Great Migration To Hard Assets

In Macro Voices episode 487, hosts Erik Townsend and Patrick Ceresna interview Larry McDonald, editor of the Bear Traps Report, discussing various investment opportunities and macroeconomic trends. Larry presents a slide deck covering topics such as lithium, copper, natural gas equities, and the potential impact of pol...

MacroVoices #486 David Rosenberg: Navigating Choppy Waters

In Macro Voices episode 486, Erik Townsend interviews David Rosenberg, founder of Rosenberg Research, about the equity market outlook, inflation, precious metals, and the U.S. dollar. Rosenberg expresses reservations about the stock market, viewing it as overvalued with a fully priced-in optimistic scenario, and favors...

MacroVoices #485 Jeff Currie: The Joule Order

In Macro Voices Episode 485, Erik Townsend interviews Jeff Currie, formerly Goldman Sachs chief commodity strategist and now with Carlyle, about capital rotation, the breaking down of the Bretton Woods system, and the implications for commodities, particularly energy and gold. Currie argues that the U.S. is retreating ...

MacroVoices #484 Rory Johnston: Crude Oil Forward Curve Conundrum

Macro Voices Episode 484 features an interview with Rory Johnston, founder of Commodity Context, discussing the crude oil market. They delve into the unusual shape of the WTI forward curve, noting the shift from backwardation to contango around early 2026 and admitting they are unsure of the cause. The conversation cov...

MacroVoices #483 Vincent Deluard: MAGA vs. Corporate America

In Macro Voices Episode 483, Erik Townsend interviews Vincent Deluard, the Global Macro Director at Stonex, about market forecasts, Trump's potential policies, and global economic shifts. Deluard anticipates a market correction in July due to tariff uncertainties and Fed policy risks, while also discussing the MAGA mov...

MacroVoices #482 Mike Green: What The Market Is Not Discounting

In Macro Voices Episode 482, Erik Townsend interviews Mike Green, Chief Strategist and Portfolio Manager for Simplify Asset Management, about the economic implications of government policies, particularly those of the Trump administration, and the impact of passive investing on market structure. Green argues that passi...

MacroVoices #481 Jim Bianco: This is The End of The Beginning

MacroVoices #480 Louis-Vincent Gave: What Comes Next After The Trade War Dust Settles

MacroVoices #479 Anas Alhajji: What Do Saudi Arabia & Allies in OPEC+ Want from Accelerating the Unwinding of Voluntary Cuts?

This episode explores the complexities surrounding OPEC+ decisions on crude oil production, challenging mainstream media narratives of a price war against U.S. shale producers. Anas Alhajji clarifies that the increase in production, primarily driven by the "V8" group, is largely to legitimize existing overproduction fr...

MacroVoices #478 Luke Gromen: Trump Tariff Policy Will Drive Gold Even Higher

This episode explores the potential impacts of President Trump's tariff policies on the US economy, global trade, and the role of gold in a shifting financial landscape. Luke Gromen suggests Trump's tariffs could be a catalyst for reversing trade and capital flows, potentially redirecting dollar surpluses into real ass...

MacroVoices #477 Michael Howell: Are We Approaching A Debt Refinancing Crisis

This episode explores the cyclical nature of credit markets and the implications for global liquidity and asset markets in 2025. Host Erik Townsend interviews Michael Howell, CEO of Cross Border Capital, who argues that credit markets function more as a refinancing system than a credit origination system, driven by th...

MacroVoices #475 Daniel Lacalle: Is This The End of The Monetary System As We Know it?

This episode explores the evolving perspectives of European finance on US-EU relations, particularly concerning Trump's tariffs and the potential for de-dollarization. Against the backdrop of a changing geopolitical landscape, the interview features Daniel Lacalle, who offers a European asset manager's viewpoint, contr...

MacroVoices #475 Simon White: The Dawn of A New Financial Order

This episode explores the significant market volatility and uncertainty driven by President Trump's tariff policies and their implications for global finance. Against the backdrop of this uncertainty, Bloomberg macro strategist Simon White discusses the potential for a recession, highlighting the interconnectedness of...

MacroVoices #474 Mike Alkin: Uranium Supply Is In Structural Deficit And The Fuel Buyers Don’t “Get It”!

This episode explores the disconnect between positive nuclear energy news and negative investor sentiment in the uranium market. Against the backdrop of a record year for bullish nuclear news, including reactor restarts and new builds, uranium prices have fallen significantly. The discussion pivots to the distinction...