MacroVoices #537 Brent Johnson: There’s No Turning Back

Watch on YouTube ↗  |  June 19, 2026 at 12:59  |  1:28:17  |  Macro Voices
Speakers
Brent Johnson — Founder & CEO, Santiago Capital
Erik Townsend — Founder & Host, MacroVoices
Patrick Ceresna — Derivatives Specialist, MacroVoices

Summary

Erik Townsend and Patrick Ceresna interview Brent Johnson on the Iran-US peace deal, dedollarization, and macro regime shifts. Johnson argues the dollar remains strong and will stay within a band, sees opportunities in agriculture and defense, and expects oil effects to hit later. Patrick Ceresna presents a DBA bull call spread for the agricultural tightening theme. The postgame analyzes oil rebound prospects, gold, dollar technicals, and uranium stocks.

  • Brent Johnson believes the Iran peace deal is fragile and conflict will resume; oil sell-off is premature.
  • De-dollarization is largely a myth; US dollar has structural advantages and remains strong.
  • Supply chain disruptions during planting season may cause a food price cascade by Q4/Q1.
  • Global rearmament will drive a major investment cycle in national defense.
  • Stablecoins are reinforcing dollar dominance and offer new tools for US monetary power.
  • Patrick Ceresna recommends a defined-risk DBA bull call spread to capture the agricultural tightening theme.
  • Postgame: Erik expects oil to rebound to $85-100 on physical shortages; Patrick sees forced liquidation over.
  • Gold and uranium stocks are expected to strengthen later in the year after current seasonal/event-driven weaknesses.
Ideas
Brent Johnson Founder & CEO, Santiago Capital 8:21
Oil sell-off premature; full impact yet to come.
Physical oil shortages are severe: US commercial inventories at operational minimums and SPR at its lowest since 1983. The peace deal is fragile and re-escalation is likely. Even if the Strait opens, it will take 6-10 weeks for oil to reach destinations. Oil has overshot to the downside and should fill the gap back to $85, possibly returning above $100, though $150-200 is off the table due to China's SPR buffer.
WTI MED
Brent Johnson Founder & CEO, Santiago Capital 40:26
Food cascade ahead from disrupted planting inputs.
Supply chain disruptions during the planting season prevented timely deliveries of fertilizers, chemicals, and other crop support inputs. This sets up a potential food cascade later this year or into next year, creating investment opportunities in the food space.
DBA MED
Brent Johnson Founder & CEO, Santiago Capital 42:02
Global rearmament supercycle in defense spending.
National defense will be one of the biggest investment opportunities ever. Every country will need to rearm and money will be spent on defense regardless of affordability, both in the US and globally.
ITA MED
Brent Johnson Founder & CEO, Santiago Capital 46:03
Dollar stays strong; dedollarization is a myth.
The US Dollar will remain strong and the dedollarization narrative is a myth. Despite reserve diversification, FX turnover, cross-border lending, and trade invoicing remain at historic highs in dollars. The dollar has structural advantages due to the dual carry trade faced by the rest of the world, which keeps it within a manageable band and allows the US to weaponize the currency. The milkshake theory continues as global capital flows into US assets.
US Dollar Index (DXY) HIGH
Patrick Ceresna Derivatives Specialist, MacroVoices 64:30
DBA bull call spread for agricultural tightening.
Brent Johnson's agricultural tightening theme points to a delayed food supply shock. The cleanest way to express the view is via DBA, using a longer-dated bull call spread (Jan 2027 27/30 call spread) to capture the thesis into late 2026/early 2027 with defined risk.
DB HIGH
Erik Townsend Founder & Host, MacroVoices 79:59
Gold to rally after Iran dislocation plays out.
Gold is set to rally spectacularly once the Iran oil dislocation and resulting knock-on inflation effects are truly over. Those effects are not over yet; the market is too complacent about a clean resolution.
GLD MED
Patrick Ceresna Derivatives Specialist, MacroVoices 81:34
Uranium stocks bullish long-term, summer doldrums temporary.
Uranium stocks remain in a long-term structural bull market driven by clean energy demand from AI data centers and nuclear renaissance. Seasonal weakness in summer is typical; action should pick up in late August ahead of the World Nuclear Association conference, making current levels a long-term accumulation opportunity.
Uranium Stocks MED
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This Macro Voices video, published June 19, 2026, features Brent Johnson, Patrick Ceresna, Erik Townsend discussing WTI, DBA, ITA, US Dollar Index (DXY), DB, GLD, Uranium Stocks. 7 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Brent Johnson, Patrick Ceresna, Erik Townsend  · Tickers: WTI, DBA, ITA, US Dollar Index (DXY), DB, GLD, Uranium Stocks