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 Sarrezna.

Macro Voices episode 326 was recorded on June 2nd, 2022. I'm Eric Townsend.

This episode of Macro Voices was brought to you by FarmTogether.com where you can hedge

against inflation and protect your portfolio by investing in U.S. farmland, now available

to all accredited investors. In Crementum, fund manager Ronnie Sturfly,

principal author of the In Gold We Trust report, returns as this week's feature interview

guest. In Gold We Trust is out for 2022 and this year's theme is stagflation. We'll

dive into that subject in depth on this week's Gold-focused show. Then be sure to stay tuned

for our post-game segment when Patrick's Chart deck will be titled What's Next for the

Markets. And I'm Patrick Sarrezna. Now, Eric, let's jump into that S&P 500, which at

this moment, obviously the last week has been a bit of a bear market rally, obviously,

from a very oversold condition. We're trading a stone throw away from 4200. Do you think

there's a little more upside here? Is this just a big fake out? Well, Patrick, if this

was just a bear market rally, there's a good argument to be made that it's either over

or about to end or maybe we'll get up to the 50 or even 100 day moving average and then

at a land. Here's the way I'm looking at it. And I should acknowledge that I don't really

have any strong view here. But I think the basis of this rally was the widespread perception

that comments by various Fed officials meant that a pause was coming in the Fed's rate

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