Madhav Sethi
Writing.
Notes on geopolitics, markets, gold & macro — connecting world events to markets, in plain English.
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The Versailles Memorandum: Inside the US-Iran Deal of June 18, 2026
Trump signed a 14-point deal with Iran at Versailles, ending the 2026 war — markets cheered, hawks revolted, and analysts read it as an American climbdown.
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The RBI's Battle for the Rupee: How India Is Defending Its Currency in 2025–2026
The rupee hit a record 96.9/$ in the 2026 oil shock. How the RBI is managing the decline — record dollar sales, a $103bn forward book, and a doctrine shift.
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The Quiet Gold Divergence of 2025–2026: How the World's Largest Reserve Buyers Went Dark
Central banks officially reported ~16t of Q1 2026 gold buying — but really bought ~244t. Inside the off-screen bid repricing gold and the dollar.