Macro & Sovereign
Sovereign Forces. Real Consequences.
The macro undercurrents shaping commodity demand for the next decade — central banks, monetary systems, and fiscal reality.
Structural Forces
The Macro Framework
Every commodity thesis at Ezponda Capital is anchored in a sovereign macro view. These are the structural forces we track.
Central Bank Reserves
Sovereign wealth funds and central banks are quietly accumulating gold and real assets at record pace, diversifying away from dollar-denominated instruments.
De-Dollarization
Bilateral trade settlements in local currencies, BRICS expansion, and the weaponization of the dollar are accelerating a structural monetary shift.
Fiscal Dominance
Government debt levels globally have reached a point where central banks cannot raise rates without causing fiscal crises — a structural tailwind for hard assets.
Real Yield Regime
The era of deeply negative real yields supercharged gold. As real rates normalize, the commodity thesis evolves — but does not disappear.
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