End Month Macro July 2026 with Tom Bradshaw - EU Gas Rips 35%, Oil Up +20%, Gold Holds
Welcome to the Monthly Wrap for July 2026 with The Contrarian Capitalist and Tom Bradshaw, author of Beyond the Headlines.
5 small bits of housekeeping
This video was recorded on Saturday 1st August 2026 AM UK time
The chart deck was also inserted on Friday 31st July after market close. Bitcoin was added after recording on Saturday 1st August.
Please do continue to provide feedback
NB - None of this is to be constituted as investment or trading advice. We are NOT financial advisors.
Please subscribe to both The Contrarian Capitalist and Tom Bradshaw using the buttons below.
The Contrarian Capitalist
Tom Bradshaw/Beyond the Headlines
Tom Bradshaw LinkedIn
Bullet pointed AI generated transcript (for those that don’t have time to watch the whole video)
July was a surprisingly busy month for markets despite the holiday season.
Natural gas (Dutch TTF) was the biggest mover, up nearly 36%, due to Middle East tensions and Europe struggling to secure supply.
Oil rose sharply (WTI ~24%, Brent ~29%) from shipping disruptions in the Persian Gulf and Red Sea, plus very low US emergency oil reserves.
Higher energy prices are pushing up inflation expectations and Treasury yields, which could hurt the economy and AI stocks that rely on cheap borrowing.
Gold held above $4,000 and edged higher; more short-term weakness is possible, but the long-term outlook remains strongly bullish.
US stocks were mixed: S&P 500 almost flat and still in an uptrend above 7,000, while the Nasdaq fell ~6.6% on AI weakness.
The US dollar weakened slightly and 10-year yields rose; higher yields do not automatically hurt gold and silver.
Asian markets struggled, with South Korea’s Kospi down over 22% and Japan’s Nikkei down ~11%.
Bitcoin gained about 7% but may face more downside in the coming months.
This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit contrariancapitalist.substack.com/subscribe
5 small bits of housekeeping
This video was recorded on Saturday 1st August 2026 AM UK time
The chart deck was also inserted on Friday 31st July after market close. Bitcoin was added after recording on Saturday 1st August.
Please do continue to provide feedback
NB - None of this is to be constituted as investment or trading advice. We are NOT financial advisors.
Please subscribe to both The Contrarian Capitalist and Tom Bradshaw using the buttons below.
The Contrarian Capitalist
Tom Bradshaw/Beyond the Headlines
Tom Bradshaw LinkedIn
Bullet pointed AI generated transcript (for those that don’t have time to watch the whole video)
July was a surprisingly busy month for markets despite the holiday season.
Natural gas (Dutch TTF) was the biggest mover, up nearly 36%, due to Middle East tensions and Europe struggling to secure supply.
Oil rose sharply (WTI ~24%, Brent ~29%) from shipping disruptions in the Persian Gulf and Red Sea, plus very low US emergency oil reserves.
Higher energy prices are pushing up inflation expectations and Treasury yields, which could hurt the economy and AI stocks that rely on cheap borrowing.
Gold held above $4,000 and edged higher; more short-term weakness is possible, but the long-term outlook remains strongly bullish.
US stocks were mixed: S&P 500 almost flat and still in an uptrend above 7,000, while the Nasdaq fell ~6.6% on AI weakness.
The US dollar weakened slightly and 10-year yields rose; higher yields do not automatically hurt gold and silver.
Asian markets struggled, with South Korea’s Kospi down over 22% and Japan’s Nikkei down ~11%.
Bitcoin gained about 7% but may face more downside in the coming months.
This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit contrariancapitalist.substack.com/subscribe
Loading content...
Read the full transcript
Matterfact has every podcast on Apple Podcasts and Spotify: 700K+ channels, 120M+ episodes.
The candid version is on a podcast,
not the earnings call.
Matterfact turns the conversations your coverage is already having into a searchable, citable record — across every episode, not just this one.