Saxo Market Call Has market made up its mind no matter what Nvidia delivers tonight?
21 snips
Aug 27, 2025 
In this discussion, Ole Hansen, Saxo Head of Commodities Strategy, analyzes how market sentiment might influence reactions to Nvidia's earnings, regardless of the results. He delves into the impact of political maneuvers on the Fed and gold prices, alongside the effects of Trump tariffs on U.S. soybean exports and lumber prices. The conversation touches on geopolitical shifts affecting commodities and the tech sector, especially concerning AI and Chinese market dynamics. Expect insights that connect finance with current events!
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Event Risk As A Liquidity Window
- Markets may have pre-decided how to trade AI stocks ahead of NVIDIA results, reducing the impact of the earnings themselves.
- Event risk often merely provides liquidity for investors to execute pre-formed views rather than change them.
Fed Control Threatens Market Structure
- Political moves to control the Fed could materially change interest-rate dynamics and market structure.
- That shift would likely make gold and silver far more sensitive to political risk and policy interference.
Watch Rates And ETFs For Gold Moves
- Watch funding costs and yield-curve moves as triggers for a stronger gold rally.
- Monitor ETF flows for early signs that markets price in lower carry and rate cuts.