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This edition of Macro Trends examines how rising volatility is reshaping the metals landscape—without undermining the underlying macro signals. Gold and silver continue to stand out as the clearest expressions of ownership demand, with volatility absorbed rather than disorderly even as pricing grows more asymmetric.

Across industrial metals, the cycle remains fragmented. Copper and aluminium stay supported, consistent with upstream reflation, while energy still delivers the more direct inflation pass-through. At the same time, China’s demand impulse remains constrained—transmitted through cyclicals rather than construction—keeping the breadth of the signal capped.

Together, these charts map where volatility is altering market behavior, where signals remain intact, and how metals continue to differentiate across ownership, inflation transmission, and regional demand dynamics.

The US dollar is weakening. Europe is mobilizing. But the real story sits beneath the headlines.

This edition of Macro Moves brings two defining themes into sharper focus. First, we dissect the recent decline of the US Dollar Index—breaking down why common DXY contribution charts can mislead, how geometric decomposition changes the picture, and what volatility beneath the surface is really telling us. From SWIFT payment dominance to cross-asset correlations, we separate signal from noise.

Then we turn to innovation. Using the Global Innovation Index and economic freedom metrics, we map where leadership truly sits—and why scale, corporate depth, and ecosystem strength still matter. Europe’s push is real. But so is the structural gap.

Clear charts. Clean frameworks. No shortcuts. Just faster, sharper macro insight.