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 509 was produced on December 4th, 2025. I'm Eric Townsend.

Politics and geopolitics are likely to be major drivers of markets in the 26 midterm election cycle.

So we're bringing back BCA research geomacro strategy chief, Marco Papic, is this week's

feature interview guest. We'll discuss the deteriorating

situation in Venezuela, the impacts of potential Russia-Ukraine peace deal on markets, the spat between

Japan and China and the U.S. midterm election cycle, considering the market implications of all of

these developments. And I'm Patrick Sireznan with the macro scoreboard week

over week as of the close of Wednesday, December 4th, 2025. The SMP 500 index, up 123 basis points

trading at 6849, markets settling down near year highs, waiting for next week's FOMC.

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 down 91 basis points to 9887, the first close below the 50-day moving

average in two months, begging the question if the recent dollar strength is over.

The January WTI crude oil contract up 243 basis points trading to 5936, sitting just below a key

resistance line. The January R. Bob Gasoline, up 167 basis points, trading at 183.

The February gold contract up 91 basis points to 42115.

The March copper contract, up 589 basis points to 539, a breakout to monthly new highs.

The December uranium contract, up 20 basis points trading to 76 even,

and the U.S. 10-year treasury yield up eight basis points, trading to 409.

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