How to Build a Great Macro Portfolio
Gold has continued to reach new highs since I wrote about it a couple of weeks ago. Demand isn’t coming from individual investors. It’s coming from central banks, particularly China’s.
Nick Glinsman, my guest today on Global Macro Update, adds a twist. He says, “Gold, there's something going on, and I think that something going on is with the Chinese accent. I don't necessarily think it's a central bank directly, but I think it's the central bank combined with some of their big domestic accounts going all-in and buying gold nonstop.”
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He goes on to share his concerns about GLD and his preferred method for holding gold.
Nick is the cofounder of Malmgren Glinsman Partners, with legendary economist and presidential advisor Harald Malmgren, and a renowned macro portfolio manager in his own right, with stints at Brevan Howard and Armajaro.
In the interview, we discuss the bifurcation of global commodity markets, particularly oil, along an East-West divide. Nick shares why he’s bullish on uranium, why the European Central Bank can and should diverge from the Fed and cut rates, and what’s driving the shortage in rare earths.
Nick highlights actionable ways to build all this into a macro portfolio, including where he holds cash. Turns out, we share a favorite oil play, too.
Watch my conversation with Nick Glinsman by clicking the image above. A full transcript of our discussion is available here.
You can access Nick and Harald Malmgren’s excellent research here.
Learn more about my preferred source for precious metals here.
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Thanks for reading and watching.
Ed D’Agostino
Publisher & COO
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