Gold sniffing an American coup?

Tuesday 18 August 2026

The Market Ear has the latest.

Still No Dip

Markets keep squeezing, but the easy trades are getting harder. Tech is back near the highs despite lighter positioning and persistent outflows, memory has gone from capitulation to chase mode, while Korea remains heavily under-owned after a massive rebound.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.