Gold sniffing an American coup?
Markets remain under pressure as squeezes persist, and the pool of straightforward opportunities continues to shrink.
Tech near Highs
The technology segment has managed to climb back toward its previous peak levels even though investors have reduced their net positions and capital continues to flow out of the sector. This resilience suggests that demand for tech equities is holding firm despite the broader pullback in buying power.
Memory from Capitulation
In the memory‑chip arena, sentiment has swung dramatically from a period of surrender to an aggressive pursuit of gains. Traders who once abandoned the space are now re‑entering, chasing the rapid price movements that have emerged as the market recalibrates.
Korea Under‑owned
South Korean equities still exhibit a pronounced scarcity of ownership, even after a sizable rally that lifted the market considerably. The lingering under‑ownership indicates that a large share of potential investors has yet to participate in the upside that the recent rebound has delivered.
David Llewellyn‑smith
David Llewellyn‑Smith serves as chief strategist for both the MB Fund and MB Super. He founded and edits MacroBusiness, and previously launched and led the global‑economy coverage at The Diplomat, the leading Asia‑Pacific geopolitics and economics outlet. His background includes stints as a gold trader and economic commentator for The Sydney Morning Herald, The Age, the ABC and Business Spectator. He co‑authored a study of the 2008 financial collapse with Ross Garnaut and edited the second Garnaut Climate Change Review.
Gold and Geopolitical Context
The piece titled “Gold sniffing an American coup?” raises the possibility that movements in the gold market may be reflecting underlying political tensions. While the article does not provide specific data, the author’s former role as a gold trader equips him to assess how geopolitical developments could influence precious‑metal pricing and investor behavior.
Overall, the current landscape shows a market that is still tightening, with technology showing unexpected strength, memory chips shifting from retreat to aggressive buying, and Korean stocks remaining thinly held despite recent gains. Analysts like Llewellyn‑Smith, with deep experience across commodities and macro‑economics, continue to monitor how these dynamics intersect with broader geopolitical signals.
Source: macrobusiness.com.au · 2026-08-18