*Great Report: Goldman-Macro on Gold
This is a free preview of a paid episode. To hear more, visit vblgoldfix.substack.com
Housekeeping: **Please listen to the political message disclaimer at bottom
TL/DR – 6 points
* Trump’s de-escalation bias keeps the core macro trade intact: long US equities, short US 10y rates, with growth and affordability prioritized into the midterms.
* Goldman differs with BOA’s Hartnett on what to play macro-wise on 2 fronts.. stocks and bonds. But both agree on Gold.
* Gold remains the preferred hedge across scenarios as central bank buying and private-sector diversification support Goldman’s…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.