Madhav Sethi writes on geopolitics, finance, gold, macro and metals — connecting world events to markets, with sourced, plain-English analysis.https://blog.madhavsethi.com/en-ushttps://blog.madhavsethi.com/the-versailles-memorandum/https://blog.madhavsethi.com/the-versailles-memorandum/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.Sat, 20 Jun 2026 00:00:00 GMTGeopoliticsMacroOilGoldSanctionsIranIndiaChinaMadhav Sethihttps://blog.madhavsethi.com/rbi-battle-for-the-rupee/https://blog.madhavsethi.com/rbi-battle-for-the-rupee/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.Sat, 20 Jun 2026 00:00:00 GMTMacroIndiaCurrenciesRBIOilMadhav Sethihttps://blog.madhavsethi.com/the-quiet-gold-divergence/https://blog.madhavsethi.com/the-quiet-gold-divergence/Central banks officially reported ~16t of Q1 2026 gold buying — but really bought ~244t. Inside the off-screen bid repricing gold and the dollar.Sat, 20 Jun 2026 00:00:00 GMTGoldMacroCentral BanksChinaDe-dollarizationReservesMadhav Sethi