Raoul Pal: The Journey Man Why Markets Could Be Ready To Move | With Julien Bittel
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Aug 6, 2026 
Julien Bittel, Head of Macro Research at GMI and macro analyst focused on liquidity and yield curves. He and Raoul unpack why the yield curve may be the key macro signal, how liquidity, the dollar, gold, oil, and crypto are interacting, and where second-half opportunities may emerge across crypto, AI, space, and emerging markets.
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Yield Curve Steepening Is The Key Market Trigger
- The yield curve must bull steepen for banks to re-engage and for a broader market rally to follow.
- Julien links a bull steepener to increased lending, easier financial conditions, and the financing of the current CapEx boom and AI cycle.
Gold Dollar And Yield Curve Tell The Same Story
- Gold, the dollar, and the yield curve are different instruments of the same trade showing geopolitical risk and rate-odds shifts.
- Julien points to the dollar versus two-tens curve and futures pricing moving cuts out, which pressured gold.
Monitor Yield Curve Dollar And Gold To Time Rotation
- Monitor the yield curve, dollar, dollar/yen, and gold as your core signals to time the next market rotation.
- Julien says a steepening will unlock gold rallies, ease financial conditions, lower the dollar, and favor small caps.