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 283 was recorded on August 4, 2021. I'm Eric Townsend.

This episode is brought to you by ABIC's technologies, pioneering the design of smarter

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

The world's most secure online payment system from a counterparty risk perspective because

the funds sit in escrow. Santiago Capital Founder and Private Wealth Manager

Brent Johnson returns as this week's feature interview guest. Brent says the US dollar

isn't really crashing to zero as some have suggested. Then goes on to articulate a balanced

view on the inflation deflation debate. We'll also discuss commodities including precious

metals and why Brent thinks soft commodities in particular may be a good play if prices

pull back. Then be sure to stay tuned for our post game segment after the feature interview

when Patrick's chart deck is titled Big Picture Look at Commodities.

And I'm Patrick Sarresna, Eric. Let's jump to that S&P 500. Literally nothing has changed

from last week. I mean, it's almost like if it was a gamma pin yet we're not at an

op-ex. We're just trading sideways and while the trend is very well established to the

upside, it certainly doesn't seem to be going anywhere in a hurry. Any insights? Is this

just summer doldrums? I think it's summer doldrums. I mean, it's not going anywhere to

the upside in a hurry, but it's still holding the five day moving average and all the other

...