Arthur Warsh fail makes gold great again

Friday 31 July 2026

DXY crashed last night as Arthur Warsh gave the US a little external crisis.

While the currency was mashed, the long bond marched higher and is threatening a breakout.

This nasty little combination last struck after Liberation Day tariffs. Things are a lot worse today for US prestige and investment credibility.

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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.