Capitulation...or a ruse?

Geo Chen · Fidenza Macro · April 08, 2026 at 10:23 · ⏱ 4 min read  | Read on Substack ↗
Summary
The author reports on a significant geopolitical development: a last-minute ceasefire agreement between the Trump administration and Iran, which has been confirmed by both sides.
  • •A ceasefire has been agreed to between the US and Iran.
  • •The agreement occurred just hours before a deadline set by President Trump.
  • •The Iranian side has officially confirmed the ceasefire.
Read time 4 min
Length 4,371 chars
Category macro
Ideas
Geo Chen Global macro trader; ex-head of FX trading, Credit Suisse
The author is closing his gold longs due to the unexpected ceasefire, uncertainty over its durability, and the expectation that gold could fall further if the war does not reignite.
GLD HIGH
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This newsletter, published April 08, 2026, features Geo Chen discussing GLD. 1 trade idea extracted by AI with direction and confidence scoring.

Speakers: Geo Chen  · Tickers: GLD