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 503 was produced on October 23, 2025. I'm Eric Townsend. Commodities

guru Adam Rosenschwag returns as this week's feature interview guest. I suggested to Adam off the

air that we should include discussion of gold, crude oil, and uranium, since those markets had

been so hot recently. Then I asked him what else he wanted to cover.

He laughed and assured me that he could easily fill the entire interview with deep dives on those three commodities alone.

So that's exactly what we're going to do in today's feature interview.

But at one point in the interview, we strayed into why Adam thinks that it will actually be natural gas rather than uranium that will benefit most from the AI boom.

So be sure to stay tuned after the feature interview for this week's trade of the week segment when Patrick will translate Adam's view on Natty into an actionable trading strategy.

And I'm Patrick Soreson with the macro scoreboard week over week as of the close of

Wednesday, October 22nd, 2025. The S&P 500 index up 42 basis points trading at 6699. Mark it back

toward the highs of the week, begging the question as to if the correction is already over.

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 22 basis points trading at 9888.

The December WTI crude oil contract up 39 basis points trading at 5850.

This week bounced off its year-to-date lows. The December

R-Bob Gasoline up 169 basis points trading at 181. The December gold contract down 324 basis points,

trading at 4065. This summary doesn't tell the full story of the intra-week drop that we just witnessed as a peak to trough $378 swing occurred in just two days.

The December copper contract down 40 basis points to 499, uranium down 396 basis points, training to 7640, and the U.S. 10-year Treasury yield down three

basis points, trading at 399 as it continues to make new year-to-date lows. The key news to watch

...