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 487 was produced on July 3, 2025.

I'm Eric Townsend.

Happy Independence Day to our American audience.

Bear Trap's report editor Larry MacDonald returns as this week's feature interview guest.

We'll talk about everything from copper to the dollar to precious metals.

Larry brought a great chart deck with him this week,

so be sure to download it before you start the feature interview.

And I'm Patrick Seresna with the macro scoreboard week over week

as of the close of Wednesday, July 2nd, 2025.

The S&P 500 index up, 222 basis points,

trading at 62227.7 markets have maintained upside momentum all week

but will the jobs numbers change that we'll take a closer look at that chart and the key

technical levels to watch in the post game segment the US dollar index down 95 basis points

trading at 9677 the August WTI crude oil

contract up 390 basis points, trading at 6745, finally breaking out of last week's trade range.

The August R. Bob gasoline up 291 basis points to 212.

The August gold contract up 51 basis points, trading at 3360, still maintaining its

bullish trend, but will we see a bullish breakout next week?

September copper contract, up 569 basis points, trading at 520.

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