Today we discuss the ramp in metals prices as we are finally over the summer doldrums, although the US has yet to open after the long holiday weekend. Something seems to be spooking markets overnight and into early European trading, and that something may be the fresh grind higher in long interest rates, with the long UK Gilt, for example, hitting its highest yield level since 1998 this morning. We also look at the impact on currencies and possibly the stock market from this latest rise in rates. This and more on today's pod, which features Saxo Head of Commodities Strategy Ole Hansen and is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (with a one- to two-hour delay from the time of the podcast release).

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Intro and outro music by AShamaluevMusic