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 504 was produced on October 30th, 2025.

I'm Eric Townsend.

Santiago Capital founder Brent Johnson returns as this week's feature interview guest.

Of course, we'll get an update on Brent's dollar milkshake theory.

Then we'll segue from there into the Genius Act stable coins and why Brent says they're going to be a game

changer even for those who aren't interested in crypto assets more broadly and I definitely agree

with him on that point. And I'm Patrick Suresan with the macro scoreboard week over week as of the

close of Wednesday, October 29th, 2025. The SMP 500 index up

285 basis points trading to 6890 surged higher, but will the momentum continue in the post-Mag 7 earnings

windows? We'll take a closer look at that chart and the key technical levels to watch in the

postgame segment. The U.S. Dollar Index up 25 basis points, trading to 9913, trading to the top

of the trade range, begging the question if a new breakout is underway. The December WTI crude oil

contract, up 338 basis points, trading to 6048. The December WTI crude oil contract up 338 basis points, trading to 6048.

December Arbob gasoline, up 442 basis points, trained to 189. The December gold contract,

down 160 basis points, trading to 4,000. The gold correction is now well underway. The December copper

contract up 541 basis points trading to 526. Uranium up 622 basis points trading to 8115. And the US 10-year

treasury yield up nine basis points trading to 408.

The key news to watch next week is the ISM Manufacturing and Services PMIs, the ADP non-farm employment

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