Vincent Deluard

Vincent Deluard is the Director of Global Macro Strategy at StoneX Group, where he advises institutional clients on asset allocation across global asset classes. For resource investors, his relevance sits at the intersection of macro and mining: he is one of the most quoted voices arguing that the post-2020 fiscal-monetary backdrop — what he calls fiscal dominance — drives both gold and mining equities in ways the consensus under-prices.

Before StoneX, Deluard was Europe Strategist at Ned Davis Research Group, where he built the firm's Europe product and authored weekly publications on European markets. He won the Euromoney Padraic Fallon Prize in November 2013 for an in-depth study of investment opportunities during the European debt crisis. He holds the CFA designation and a master's in finance, and has taught finance at Golden Gate University and Saint Mary's College. His August 2020 MacroVoices appearance — The Nuclear Winter of the 60/40 Portfolio — argued that the traditional 60/40 stock-bond mix was structurally broken, a thesis that has shaped institutional asset-allocation debates ever since.

Deluard thinks in regimes rather than single-asset calls. His current frame: persistent inflation, fiscal dominance, and a US economy increasingly concentrated in AI-related equities. From that frame he derives cross-asset positions — long gold and bitcoin against bonds, long the yen against the euro, long UK assets — and, more relevant to miners, expresses his gold view through mining equities rather than the metal itself. In early 2026 he argued on Bloomberg that gold's rally was a 'squeeze, not a safe haven,' and recommended buying silver miners such as Hochschild Mining while shorting bullion.

His fall 2025 Mining Network interview — I Expect a Major Equity Correction This Fall — paired his equity correction thesis with a discussion of copper, gold, and silver themes in what he calls the post-1970s paradigm. Investors following him should treat his output as a macro overlay rather than a mining-stock screener: his work is most useful when sizing resource exposure against the broader cycle.