Soundings

Commodities & Real Assets

Drawing from the nautical practice of measuring depth, Soundings explores the underlying forces, risks, and opportunities beneath the market's surface..

Hold Me Now

August 2026

Every road this week led back to the bond market — rates climbing, the Fed quiet, the Treasury leaning on buybacks, and gold, crypto, and the dollar all telling on the debasement trade. Should you still own bonds? Do you need inflation protection?

Passing the Puck

August 2026

Volatility Shares files for ETFs tied to NHL team performance via a new CME index — a lighter-hearted test of how far the SEC's appetite for "novel" products will stretch.

Passing the Test

August 2026

Truth Social's new pay-per-month API gives high-frequency traders early access to Trump's posts, raising fresh insider-trading questions as the SEC weighs a wave of "novel" prediction-market ETFs.

Planes, Trains and Automobiles

May 2026

The Iran war exposes a hidden fuel divide — and an airline goes under as a result.

Liquidity

April 2026

Gold's sharp sell-off reveals an underappreciated truth: liquidity is only valued once it's scarce.

Gold Math

February 2026

Gold's best month in 40 years ends in a sharp reversal. What investors do next depends on why they bought it.

Uncorrelated

January 2026

Gold's best month in 40 years ends in a sharp reversal. What investors do next depends on why they bought it.

Woe is Me

January 2026

Skipping the annual list of risks for something rarer: real reasons for optimism heading into the new year.

What happens after a national mid-life crisis?

September 2025

If the U.S. matures like Europe or Japan, here's what a 50-year portfolio might hold.