This is Macro Voices with hedge fund manager Eric Townsend, the free weekly financial

podcast targeting professional finance, high net worth individuals, family offices, and

other sophisticated investors. Macro Voices is all about the brightest minds in the world

of finance and macroeconomics telling it like it is. Bullish your bearish, no holds

barred. Now here are your hosts, Eric Townsend and Patrick Sarasna.

Macro Voices Episode 221 was recorded on May 28, 2020. I'm Eric Townsend. This episode

of Macro Voices is dedicated to healthcare workers all around the world, the true heroes

of the COVID-19 pandemic crisis and is brought to you by top traders on plug.com, a podcast

dedicated to quant and rules-based investing, helping investors overcome behavioral biases.

The in-gold we trust report has become an annual event in the precious metals market,

and its principal author, fund manager Ronnie Sturfily, will join me as this week's feature

interview guest. We'll discuss all things gold, including precious metals and the mining

stocks. Then be sure to stay tuned for our post-game segment when Patrick has prepared

another of his famous post-game chart books this week focusing on commodities.

And I'm Patrick Sarasna. Now Eric, let's jump to the S&P 500 which just has not let

up. This rally just keeps going. It's unbelievable for me anyway, but what's your take on all

of this? Well, needless to say, I'm glad I didn't short it last week when I had yet

another chance. And you know, my hunch was right. I think that what's going on here is

the market is more interested in central bank accommodation than the fears that are leading

to that accommodation. I think that there's definitely a lot of reason to still be concerned

about the economy and a prolonged recession as a result of the COVID-19 pandemic crisis.

But it seems like the market is more focused on the upside as a result of all of that central

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