Jan van Eck: Q3 Macro & Market Outlook

Jan returns to highlight the trends that will define the coming quarter

As he now does at the start of each quarter, Jan van Eck returned for a livestream this monring to share with us his macro & market outlook for Q3 2025.

Deficits, tariffs, interest rates, bond yields, artificial intelligence, international equities, gold, Bitcoin....what lies in store ahead?

Jan is CEO of VanEck, a highly-respected investment company with $116.3 billion in assets under management that offers a range of vehicles including exchange-traded funds (ETFs), mutual funds, institutional funds, separately managed accounts, model delivery SMAs/model portfolios, and UCITS funds and ETFs.

If you’d like the chart deck that Jan prepared for this presentation, you can get it here.

And to watch Jan’s presentation, just click here or on the video below:

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GOT GOLD?: Read our free Guide To Buying and Storing Gold & Silver:

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Adam’s Notes: Jan van Eck (recorded 7.3.25)

EXECUTIVE SUMMARY:

• US Budget Deficit Concerns: Jan van Eck emphasized the unsustainably high U.S. budget deficit (6.4% of GDP) as a dominant market force, driving strong performance in gold (+26% YTD) and Bitcoin (+14% YTD) as hedges against dollar weakening. He sees limited progress in reducing the deficit to a 3% target, projecting it may only drop to 4.5% in the best case.

• AI as a Transformative Force: AI is reshaping markets, boosting semiconductor stocks (e.g., Nvidia +64% since April) and energy sectors like nuclear and natural gas due to rising power demands. Van Eck is optimistic about AI’s network effects, benefiting large tech firms, but notes valuations in nuclear stocks are rich.

• International Opportunities: India is