Ozan Tarman on What's Driving The Nonstop Rise in Gold and Tech

Odd Lots

Bloomberg

News, Investing, Business, News Commentary, Business News

4.4 • 1.6K Ratings

🗓️ 25 September 2025

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

There are two huge winning trades that people are looking at day after day. Gold keeps going up and US tech stocks keep going up. But what is driving this intense flow? How long can these consensus trades last? On this episode, we speak with Ozan Tarman, the Vice Chair of Global Macro at Deutsche Bank. As part of his role at the bank, Ozan talks non-stop with hedge funders, sovereign wealth fund managers, and, of course, the analysts at his own bank. This means he has an excellent perspective on why these trades are so popular now. He explains why there is a decline in confidence about the US sovereign (hence the rise in gold) around the world, but also an incredible fixation on the success of the big US tech companies (hence their constant bid). We also talk about other popular consensus trades, from steepeners to Chinese equities to Liz Truss moments all around the world.c

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0:00.0	In our new podcast, Everybody's Business, we talk about the business news that concerns everybody.
0:05.8	From Bloomberg Business Week, I'm Stacey Vanek-Smith.
0:08.4	And I'm Max Chaffkin.
0:09.9	Each week, we unpack what is happening on Main Street and Wall Street, all the streets.
0:15.4	WrestleMania has taken over the U.S. economy.
0:18.2	A poetry that executives write on LinkedIn.
0:21.0	A little actual magic in our underrated story of the week.
0:24.3	The single grades marketing campaign, the music business has ever seen.
0:27.0	I decided to ask people how they felt about the penny going away.
0:31.0	Listen to everybody's business wherever you get your podcasts.
0:37.2	Bloomberg Audio Studios.
0:39.6	Podcasts Radio News.
0:52.9	Hello and welcome to another episode of the Odd Lodz podcast. I'm Joe Wisenthal.
0:57.5	And I'm Tracy Allaway.
0:58.7	Tracy every day feels like stocks and gold go up. Every day, stocks and gold and stocks and gold.
1:05.2	It's just, it's relentless.
1:07.5	I'll tell you what. It's good for anyone invested in an index fund and a bunch of gold coins that their dad gave them. Yeah, good for you. Yeah, thank you. The Tracy Lowe portfolio doing very well. Yes. No, you're absolutely right. And the big thing about this is it's not really supposed to happen, right? Like, you're not supposed to see stocks shoot up because of optimism about the future while gold
1:29.1	simultaneously goes up because gold traditionally is this sort of dower yellow rock, as you like to
1:34.7	describe it, which usually signals something bad is about to happen.
1:39.1	I'm going to relent. I'm going to relent on something. Are you a gold bug now?
1:42.4	No. Well, I'm going to relent on something. Okay. Here gold bug now? No. Well, I'm going to relent on something.
1:44.7	Okay.
	...

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