This is macro voices, 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 or bearish, no holds barred.

Now here are your hosts Eric Townsend and Patrick Sorezna.

Macro Voices episode 440 was produced on August 8, 2024. I'm Eric Townsend.

Gavkal co-founder Louis Vincent Gavr. Gavr. Gavr. Gav Kavkav, co-founder Louis Vincent Gav returns as this week's feature interview guest, and needless

to say, we've got plenty to talk about this week.

Was it the BOJ's policy error that caused mayhem in the markets over the last week?

Or was it Friday's job report?

Or were both of those things just catalysts that accelerated something that was already

bound to happen anyway? And most importantly, was that just a flash in the pan that's about to fully retrace

to the upside or have we entered a new bear market?

Louie and I will discuss all that plus how many rate cuts are likely by years end, the outlook for the U.S.

dollar, precious metals, base metals, uranium miners, and even China's long-term energy

policy and what it means to the global economy.

For context, this interview was recorded on Tuesday, so Louis and I were unaware that the Bank of

Japan would capitulate on Wednesday, effectively telling

the global marketplace, hey guys, about that rate hike?

Never mind.

We didn't mean it.

That development will change the very immediate term outlook because the end-carry trade on

...