Raoul Pal and GMI Head of Macro Research Julien Bittel are back with another unlocked episode of Shooting the Shit. In this conversation, Raoul and Julien break down where we are in the business cycle, why the yield curve may be the key macro signal to watch, and how liquidity, the dollar, gold, oil, and crypto are shaping the path forward. They also discuss why markets feel stuck in a choppy accumulation phase, what their indicators are suggesting about the second half of the year, and where they’re starting to spot new opportunities across crypto, technology, AI, space, and emerging markets. Recorded on July 27, 2026
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Timestamps:
00:00 - Welcome to Raoul Pal The Journey Man
02:17 - Gold, the Yield Curve, and Why H2 Could Change Everything
06:04 - The Bull Steepener That Could Unlock the Next Rally
08:46 - Why Inflation Is No Longer the Fed's Biggest Problem
11:04 - Bitcoin's Technical Setup Looks Increasingly Bullish
13:03 - Solana, Stablecoins, and Crypto's Quiet Strength
16:25 - Liquidity, the Nasdaq, and What's Holding Markets Back
19:13 - Why Crypto Is Waiting for the Next Liquidity Wave
22:08 - Iran, Oil, and the Biggest Macro Risk Right Now
26:18 - The Dollar, Gold, and the Signals That Matter Most
30:49 - Trump, AI, and Why the Business Cycle Keeps Extending
33:15 - Where Raoul and Julien Are Looking to Add Risk
34:38 - Final Thoughts: What We're Watching Next
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