Luke Gromen is the founder of Forest for the Trees (FFTT), the macro research firm he started in 2014. A CFA charterholder with more than two decades in equity research, he was a founding partner of Cleveland Research Company, and his work connects global macro, currency, and energy flows into a bigger picture for investors.
Current predictions
Long-Term Treasuries: Luke is bearish on Long-Term Treasuries. (updated 2026-09-08)
Gold: Luke is bullish on gold. (updated 2026-09-03)
Gold: Luke is bullish on gold over the long term. (updated 2026-08-03)
Bitcoin: Luke is bearish on Bitcoin in the short term (through Oct 2026) and bullish over the long term. (updated 2026-08-20)
S&P 500: Luke is bearish on the S&P 500 in the short term. (updated 2026-07-23)
2026-09-08 — Luke is bearish on Long-Term Treasuries. (source: Implication of this headline for investors, in plain speak: Inflation is going WAY higher over time if this continues;…)
2026-09-03 — Luke is bullish on gold. (source: Why the US Fiscal Crisis Is Unavoidable (And Scott Bessent Can't Stop It))
2026-08-28 — Luke is bullish on gold. (source: Some quick thoughts on gold, BTC, and "my framework")
2026-08-20 — Luke is bullish on gold. (source: Why U.S. Treasury’s Bond Market Intervention Is Just The Beginning | Luke Gromen)
2026-08-20 — Luke is bullish on Bitcoin over the long term. (source: Why U.S. Treasury’s Bond Market Intervention Is Just The Beginning | Luke Gromen)
2026-08-07 — Luke is bullish on gold. (source: Preparations continue for “changes not seen in 100 years” - a.k.a. for gold to resume its role as the world’s primary/s…)
2026-08-03 — Luke is bearish on Bitcoin in the short term (through Oct 2026) and bullish over the long term. (source: The Fed Can’t Let the AI Bubble Burst | Luke Gromen)
2026-08-03 — Luke is bullish on gold over the long term. (source: The Fed Can’t Let the AI Bubble Burst | Luke Gromen)
2026-07-28 — Luke is bullish on gold. (source: Why Yield Curve Control is the Only Way to Stop a Global Bond Crisis | Luke Gromen)
2026-07-23 — Luke is bullish on oil. (source: Iran war resumption; what I got wrong and right to-date)
2026-07-23 — Luke is bearish on the S&P 500 in the short term. (source: Iran war resumption; what I got wrong and right to-date)
2026-07-23 — Luke is mildly bearish on Bitcoin. (source: Iran war resumption; what I got wrong and right to-date)
2026-07-09 — Luke is bullish on gold. (source: The interaction between fiscal dominance and the geopolitical risk premium)