This is Macro Voices, the free weekly financial podcast targeting professional finance, high net worth individuals, family offices, and other sophisticated investors.

Macrovoices 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 Suresna. Macrovoices, episode 485, was produced a day early this week on Wednesday, June 18th,

2025 in observance of the Juneteenth holiday. I'm Eric Townsend. Carlisle's Jeff Curry,

formerly Goldman Sachs chief commodity strategist, returns as this week's feature interview guest.

We'll discuss what Jeff

calls the new jewel order, and that's jewel spell J-O-U-L-E, the unit of energy, not the gemstone.

And we'll also discuss why Jeff says there's really no limit to how much higher the price of gold can go

with the current macro backdrop.

And be sure to stay tuned for our postgame segment after the feature interview.

Patrick will have his chart deck and I'll also have an update on what caused the sudden spike up in uranium prices on Monday and where I think the market is headed from here.

And I'm Patrick Suresan with the macro scoreboard week over week as of the close of Wednesday, June 18th, 2025.

The S&P 500 indexed down 70 basis points, trading to 5980.

Markets finding heavy resistance above after a historic two-month run higher.

We'll take a closer look at that chart and the key technical levels to watch in the postgame segment. The US dollar index up 37 basis

points trading at 98-94, bouncing off that 98 support line, but will it hold longer term? The July

WTI crude oil contract up 729 basis points training at

7312 geopolitical headlines continued to drive daily volatility the july arbob gasoline up

556 basis points to 228 the august gold contract up 123 basis points, training at 3384.

The July copper contract up 83 basis points, training at 485, and uranium up 650 basis points to 74.55.

The first meaningful rise in months.

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