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 Sarresna.

Macro Voices Episode 261 was recorded on March 4, 2021. I'm Eric Townsend. This episode

is brought to you by ABIC's technologies by an hearing the design of smarter markets

that better meet the needs of both market participants and society as a whole. And by

masterworks.io, bringing fine art investing within reach of all investors.

Saxo bank commodities guru Ola Hansen joins me as this week's feature interview guest.

As we've discussed at length in recent weeks, a lot of our macro experts are telling us

where at the beginning of what could be an epic secular bull market in commodities,

as inflation expectations begin to take hold. So we're going to be bringing you more

commodities experts in coming weeks starting with Ola Hansen this week. We'll discuss

everything from the macro drivers of the move higher in commodity prices to where the

best opportunities exist and how to trade them. Then be sure to stay tuned for our post-game

segment when Patrick's chart deck is titled, Markets Get Wobbly.

And I'm Patrick Sarresna. Now Eric, the S&P 500 started Monday with a big update.

It looked like the bulls were back in control and here we are breaking to a fresh weekly

low on the downside. We're trading or closing right around 3770 on the S&P here. What's

your take on this?

Well, boy, Patrick, two whole weeks and no new all-time high. And the crazy part, or

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