implicit
NDX
RUT
Oil
explicit
inferred
gold sharp up
Jefferies
8.0
Investment Bank $57.00B
David Zervos 9.0
Investment Bank $57.00B
David Zervos 9.0
1/14/2026 9:58:52 PM
dxy
Host states 'dollar keeps trying to break out... keeps failing... probably going lower based on charts.' No guest contradicts; Zervos' thesis on central banks fleeing dollar reserves for gold supports dollar weakness.
| 12/9/2025 1:59:10 PM | medium term cautious down | 20 days later | -0.56% | +0.28% |
metals
it's just a big momentum trade... could go for a lot longer
Driven by hedge fund momentum, central bank diversification from dollar reserves after geopolitical events (Russian assets), and as a hedge against dollar debasement/inflation.
yields
Zervos strongly disagrees with JP Morgan's call for no cuts/hikes, arguing Fed will prioritize labor market (weakening) over inflation (anchored). Implies yields should not rise sharply; policy likely on hold or easing, not tightening.
| 1/2/2026 5:09:52 PM | medium term down | 21 days later | +1.15% | -1.15% |
| 12/22/2025 2:33:41 PM | medium term down | 20 days later | +0.43% | -0.43% |
| 12/1/2025 8:38:44 PM | medium term down | 20 days later | +2.03% | -2.03% |
| 10/16/2025 3:07:34 PM | medium term cautious down | 20 days later | +2.15% | -1.07% |
| 9/3/2025 7:11:49 PM | medium term down | 20 days later | -0.69% | +0.69% |
| 8/28/2025 6:44:17 PM | short term down | 5 days later | -0.38% | +0.38% |
| 8/20/2025 8:30:01 PM | medium term cautious up | 20 days later | -6.88% | -3.44% |
| 8/20/2025 8:29:45 PM | medium term cautious down | 20 days later | -6.88% | +3.44% |
| 8/20/2025 3:30:11 PM | medium term cautious down | 20 days later | -6.88% | +3.44% |
| 8/14/2025 8:32:54 PM | medium term cautious down | 20 days later | -3.51% | +1.76% |
