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 505 was produced on November 6th, 2025.

I'm Eric Townsend.

Robo Banks, Michael Every returns as this week's feature interview guest.

We'll break down the geopolitical situation and talk about what it means for markets.

And Michael will have more to add to Brent Johnson's comments last week about the role of U.S. dollar stable coins in the global financial system going forward.

Then be sure to stay tuned for our trade of the week segment right after the feature interview when Patrick will present a pairs trade to fade the AI-driven South Korean technology stock rally.

And I'm Patrick Soresna with the macro scoreboard week over week as of the close of Wednesday, November 5, 2025.

The S&P 500 indexed down 136 basis points, trading at 6796.

It's consolidating off of last week's new highs. We'll take a closer look at that chart and those

key technical levels to watch in the postgame segment. The U.S. dollar index up 80 basis points,

trading to 9992. The December WTI crude oil contract down 146 basis points, trading at 5960. The December Arbob gasoline,

up 265 basis points, training at 194. The December gold contract down 20 basis points, training at

3992, remains above its 50-day moving average as it has found short-term support. The December copper

contract down 532 basis points, training to 498. The uranium down 296 basis points, training to 7875,

and the U.S. 10-year treasury yield up five basis points training at 413.

It's going to be a light week next week on the key news as the government shutdown continues

to leave a lot of that economic data in limbo.

This week's feature interview guest is Rabel Banks Michael Evry.

Eric and Michael discussed the U.S. China geopolitical tensions, economic state

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