Market volatility expansion flashes red. Gold key support in view.

About this episode

The episode discusses the implications of increasing market volatility on speculative chip stocks and the critical support level for gold.

Today, a look at what the further acceleration in US- and other market volatility means, particularly for the highly speculative chip stocks that have seen the greatest gains this year, even on a day when the broader market and median stock closed in the green. Elsewhere, gold is melting down and faces a critical support level soon if the selling continues. This and much more on macro and FX also on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Today's only link is to an excellent FT op-ed "Why are we still arguing about the Industrial revolution?" that complains about the attempt to use poor quality 19th century data that provides few insights on how the Industrial Revolution transformed society and the types of available jobs as we attempt to anticipate how AI will transform our current society and the job market. Instead, we should consult the best fiction writers of the time, who provide excellent qualitative documentation of the impact of the industrial revolution. About twice per week (in normal times, hopefully soon to resume), you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack…

People in this episode

Host: John J. Hardy

Topics covered

• market volatility
• chip stocks
• gold support
• macro strategy
• FX
• Industrial revolution

Keywords

• market volatility
• chip stocks
• gold
• macro strategy
• FX
• Industrial revolution
• AI

Mentioned in this episode

Organizations: Saxo, FT

Products: AI

More episodes of Saxo Market Call

• Rounding up the usual suspects as a new era at the Fed dawns next week. · June 12, 2026 · 28 min
• The either-or moment for US stocks and gold · June 11, 2026 · 23 min
• Many moving parts ahead of next week's seminal event · June 9, 2026 · 18 min
• Correction not yet a calamity. · June 8, 2026 · 22 min
• The real reason Musk wants to go to Mars? · May 29, 2026 · 20 min
• Snowflake rips, Gold at critical levels. · May 28, 2026 · 23 min