And now for an oil shock?

Friday 24 October 2025

There is one thing that would put a serious cat amongst the pigeons for today’s gold and tech blowoff rallies, and that is an oil shock.

A rising DXY chasing climbing real interest rates and inflation is a perfect storm for duration and gold.

The news, then, is unsettling for bulls.

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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.