Macro and Global Liquidity Analysis: Gold, Silver, and Bitcoin July 2026

Today the Ainslie Research team brings you the latest monthly update on where we are in the Global Macro Cycle, driven by the Global Liquidity Cycle, and the implications for Gold, Silver, and Bitcoin. This summary highlights the key themes discussed with our expert panel. We encourage you to watch the recorded video of the full presentation for the detailed explanations and the rich discussion between the panel members.

For a deeper dive see below.

Liquidity Plateaus as Momentum Fades

Ainslie Wealth: Chief Economist's Report – Chris Tipper

July 19, 2026

Weekly analysis of global liquidity, Bitcoin, gold, and silver. Published every Sunday.

Nominal levels remain elevated near $194 trillion, but growth rates are slowing, the Shadow Monetary Base has lost momentum, and key risks from JGBs, China liquidity and commodities are rising.

Bitcoin remains in recalibration mode near $65,000 after the sharp correction from 2025 highs, with recent price action showing limited conviction as it tests structural levels. Gold and silver have continued to correct from their peaks but are holding near long-term support zones. The BTC-to-gold and BTC-to-silver ratios remain depressed relative to prior highs, while the gold/silver ratio has bounced. The charts continue to show precious metals displaying greater relative resilience than Bitcoin during this phase of the cycle.

Read the full article here - https://tipperanalytics.substack.com/p/liquidity-plateaus-as-momentum-fades