Stage 4 Market Decline: The Phase Where Markets Fall 7x Faster w/ Chris Vermeulen

Oil Prices Are Rising Fast… Is a Global Recession Next? w/ Peter St Onge

In today’s episode, we sit down with economist Peter St Onge to break down what rising oil prices mean for inflation, the labor market, and the broader macro economy. Historically, major recessions have often followed major oil shocks. But today’s global economy is very different from the 1970s. The U.S. is now one of the world’s largest energy producers, global supply chains have evolved, and central banks have powerful tools to manage economic slowdowns. So the real question investors should be asking is this: How high do oil prices actually need to go before they trigger a recession?

MACROMAR 12 2026

John Gillen

The Global Commodity War Has Started... Gold’s Biggest Bull Market in 50 Years w/ Nicky Shiels

Oil just spiked above $100. Gold is pushing toward new all-time highs. And geopolitical tensions are reshaping global markets. In this episode of Milk Road Macro, we sit down with Nicky Shiels, Head of Research and Metals Strategy at MKS PAMP, to break down the macro forces driving the surge in commodities and what it means for investors. Nicky explains why the world may be entering a global commodity war, where countries are scrambling to secure energy, metals, and critical resources. As supply chains fragment and geopolitical tensions rise, commodities like gold, oil, and precious metals are becoming strategic assets again.

MACROMAR 10 2026

John Gillen

“Heads I Win, Tails You Lose”: Why Bitcoin Wins No Matter What Happens Next w/ David Brickell

In this episode of Milk Road Macro, we break down how wars, government debt, and central bank policy shape global markets, and why Bitcoin may be positioned to benefit regardless of how the macro environment evolves. David Brickell explains why geopolitical conflicts often lead to more debt issuance, more liquidity injections, and ultimately higher asset prices. We also dive into the growing role of Bitcoin in the global financial system, how institutional adoption is accelerating, and why the current market environment could create a “heads I win, tails you lose” scenario for BTC.

MACROMAR 5 2026

John Gillen

US-Israel Strike on Iran: What It Means for Global Markets & Oil Prices w/ Keith McCullough

In this episode of Milk Road Macro, we break down what the Iran conflict means for oil markets, inflation, Federal Reserve policy, bond yields, and risk assets. While headlines focus on war, the real story may be how markets were already positioned before the strike. Oil had been breaking out. Gold was gaining momentum. Bond yields were starting to roll over. The question now is whether this escalation accelerates those trends.

MACROMAR 3 2026

John Gillen

The Commodity Supercycle Is Back: The Macro Shift That Could Reshape Markets

In this episode of Milk Road Macro, we sit down with veteran commodities trader Sal Gilbertie to break down why real assets are gaining attention in 2026, how geopolitics and trade wars are reshaping supply chains, and what investors need to know about agriculture, energy, metals, and digital assets. We explore how China’s massive demand for soybeans influences global food prices, why agricultural commodities often trade near their cost of production, and how drought cycles can trigger explosive price spikes. We also dive into the energy implications of AI, the long-term outlook for oil, copper, and silver, and whether commodities could outperform stocks in the years ahead.

MACROFEB 26 2026

John Gillen

The Triple Bubble About to Burst: Are We Sitting on a Financial “Time Bomb”? w/ Michael Pento

In this episode of Milk Road Macro, we sit down with veteran macro strategist Michael Pento to unpack his warning about a historic “triple bubble” across equities, real estate, and debt markets, and what it could mean for investors in 2026 and beyond. Pento argues that years of ultra-low interest rates, money printing, and massive government deficits have distorted asset prices across the board, leaving the global economy highly fragile. With affordability collapsing, debt levels surging, and financial conditions tightening, even a small shock could trigger a major market reset.

MACROFEB 24 2026

John Gillen

The 10 Macro Signals That Still Support a Bull Market w/ Ryan Detrick

In this episode of Milk Road Macro, Chief Market Strategist Ryan Detrick explains why the bull market may still be intact despite weakness in tech and risk assets. He breaks down key macro signals including strong market breadth, resilient earnings, stable labor data, massive AI CapEx, firm credit markets, persistent inflation near 3%, and global leadership from industrials, commodities, Europe, and emerging markets. Ryan also discusses Federal Reserve policy, rate cuts, geopolitical risks, volatility, and what could drive stocks higher, or trigger a correction in 2026.

MACROFEB 19 2026

John Gillen

Geopolitics Is Now the Macro Driver: Iran, China & the Trades That Matter in 2026 w/ Matt Gertken

In this episode of Milk Road Macro, we break down why geopolitics, not inflation, not the Fed, not earnings, is becoming the dominant force driving global markets in 2026. Matt Gertken (Chief Geopolitical Strategist at BCA Research) joins us to unpack the rising instability in Iran, the real risk of disruption in the Strait of Hormuz, and what a potential oil shock would mean for equities, and commodities.

MACROFEB 12 2026

John Gillen

Milk Road Macro PRO AMA - Feb 10, 2026

Is This the Start of a New Commodity Supercycle? w/ Clem Chambers

Are we witnessing the beginning of a new commodity supercycle? In today’s episode of Milk Road Macro, Clem Chambers breaks down why gold, silver, platinum, palladium, and copper are moving, and what it signals for the global economy. Gold has been surging, but according to Clem, this isn’t just about inflation or interest rates. It’s about geopolitics. Central banks are buying gold aggressively as global tensions rise, and history shows gold often acts as the “currency of war.” If conflict risk remains elevated, the bid under precious metals may not disappear anytime soon.

MACROFEB 10 2026

John Gillen

PRO AMA: The real macro risk is still oil

Markets Are Sending a Message... And Most Investors Are Missing It w/ John Gillen

In this episode ofMilk Road Macro, John Gillen breaks down why recent macro data suggests we’re not at the end of the cycle, but potentially entering a mid-cycle re-acceleration that most investors are completely overlooking. We dive into what expanding market breadth really means, why the Russell 2000 and small-cap stocks matter more than the Magnificent 7 right now, and how key indicators like the ISM Manufacturing PMI and new orders are reshaping the macro outlook. While sentiment remains deeply negative, the underlying data points to a healthier economy, a broader bull market, and conditions that historically support risk assets.

MACROFEB 7 2026

John Gillen

The Government Is Engineering a Business Cycle Surge Into 2026 w/ Andreas Steno Larsen

In this episode of Milk Road Macro, Andreas Steno Larsen, explains why the macro playbook that worked for the last 15 years is broken, and why markets haven’t fully priced in the new regime we’re entering. We discuss how AI is pressuring the software-as-a-service economy, why private credit may be sitting on hidden risk, and how this is triggering a major rotation from software into hardware, energy, metals, and infrastructure. Andreas also breaks down why the recent ISM surge is not seasonal noise, but the result of a powerful tax rule that is forcing U.S. companies to ramp CapEx this year by design.

MACROFEB 5 2026

John Gillen

The Market Is Risk-On… But Growth Isn’t (Yet) w/ Market Radar

Gold and silver just experienced trillion-dollar swings. The ISM printed its biggest upside surprise in years. Stocks are grinding higher. And yet… the one signal that normally powers real bull markets still hasn’t turned. In this episode of Milk Road Macro, the team from Market Radar breaks down the macro regime that explains why markets feel completely out of sync right now and why most investors are reading the situation wrong.

MACROFEB 3 2026

John Gillen