Sean Brodrick – Macro Movers Shaping Trends In Gold, Silver, Copper, A.I., Chips, Defense, and Oil

The KE Report Jul 29, 2026

Summary

Sean expects the Fed to stay frozen through the midterms; gold typically sells off into a Fed meeting then rallies, framing the upcoming setup.

Gold sits near a 50% Fibonacci retracement from its 2023 low, a level Sean flags as a likely launch pad for the next leg higher.

Central banks keep stacking gold to escape use of the dollar as a weapon while silver's industrial demand stays firm, supporting both metals.

Capital is rotating out of mega-cap tech into "certainty" stocks — insurance, healthcare, financials — and into defense and critical minerals.

Sean is holding dividend-paying oil stocks and would add more if WTI revisits the $70 area, citing a worsening multi-year war cycle.

The guest calls Agnico Eagle 'stupid cheap' right now and says he is considering re-entering the stock even though he currently does not hold it, having taken gains earlier in 2026.
He expects Agnico to deliver one of the better Q2 earnings reports among gold miners as of the recording date, with results due the day after the interview (July 29, 2026) after the market close.
He frames the entire gold-miner group as 'dirt cheap' and a candidate for new positions now, while cautioning that if even strong Q2 earnings fail to lift the stocks, the sector faces continued pain.
He is uncertain whether Agnico's print will reignite the gold market itself, given sentiment is extremely negative and central-bank buying is the main underlying bid, not miner results.

Top takeaway The guest argues the Fed is most likely to hold rates at the upcoming Warsh meeting because tariffs and the Persian Gulf crisis each add roughly 1% to inflation in ways the Fed cannot fix, and a hike would worsen US debt-interest costs.
He expects gold to sell off into the Fed meeting then rally afterward, frames the current five-month downtrend as sitting at the 50% Fibonacci retracement of the Oct 2023-January 2026 bull market, and projects gold back above $4,500 by end-2026 with a possible push toward $5,000.
He is watching a broad-market rotation out of chip stocks (calling out Nvidia specifically as at risk if Chinese supply ramps in six months) and into 'certainty' defensive sectors like insurance, healthcare, and financials.
He is bullish on defense, citing a stated US goal to raise the defense budget by 50%, the need to restock ammunition after Persian Gulf usage, and demand for drones and anti-drone systems, with Northrop Grumman, Lockheed Martin, and RTX all reporting what he calls great earnings with spectacular forecasts.
On energy, he expects range-bound oil that is 'higher for longer' due to the Persian Gulf situation, and says he will buy dividend-paying oil stocks when WTI revisits roughly $70, the early-July level.