The David Lin Report Fed’s Next Move Revealed: When Is Rate Cut Coming? | Axel Merk
Apr 22, 2026
Axel Merk, President and CIO of Merk Investments, a macro and precious metals specialist. He talks monetary policy shifts and when rate cuts might arrive. He explores gold’s evolving role versus stocks and oil. He discusses Fed leadership, balance sheet reform, fiscal dominance, and how these forces reshape markets and miners’ opportunities.
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Gold Competes With Cash Not Equities
- Gold's correlation with equities shifts over time; it competes primarily with cash as a long-term store of purchasing power.
- Short-term crises can push gold down when real yields rise, as happened after the Iran shock when inflation expectations didn't budge.
Oil Moves Differently From Gold
- Oil and gold are driven by different dynamics: gold by monetary policy and oil by immediate supply-demand and strategic chokepoints.
- A spike in oil (e.g., Strait of Hormuz risks) can pressure economies but doesn't mechanically force gold moves.
Oil Shock Could Cause Recession But Timing Is Unclear
- A sustained oil spike can induce recession and looser policy, but current U.S. resilience and policy steps (energy production, deregulation, AI investment) complicate timing.
- Markets may treat Iran disruptions as temporary and absorb modest price increases.