The last several weeks have been nothing short of crazy in the crypto market. During times like this, it’s difficult to pay attention to anything else, but I must say, it’s also a wild time for macro. I’m currently working on the first Monthly Macro report for August, which I plan to have out next week. In the meantime, I wanted to put a few key trends on your radar given how quickly markets can change.

Stocks breaking to all-time highs. Gold and silver posting one of the worst daily declines in over seven years. Long-dated Treasuries rolling over as yields start to tick up. Income data showing early signs of inflationary pressure as inflation expectations trend higher.


Precious Metal Rally Halted

The rally in precious metals came to an abrupt halt this week amid a more stable US dollar and, primarily, an uptick in US real yields (G 384). The SPDR Gold Shares ETF (GLD) had its worst day in over seven years on Tuesday (-5.4%) as gold fell from ~$2,025 to $1,900/oz.

In last Thursday’s market commentary note, we highlighted just how strong the recent rally in precious metals like gold had been, so it’s no surprise we’ve seen a short-term pullback. In fact, price pullbacks of this sort generally don’t signal the end of a trend; if anything, a repricing after a significant run up is considered healthy as some speculators take profit while other longer-term oriented investors accumulate larger positions. We believe this

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