Outside The Dollar

Confidence in dollar-based markets faces pressure from multiple directions this July 2026, as China expands renminbi settlement, valuations stretch amid AI-concentrated gains, and inflation risks linger despite the Iran ceasefire. Elena Reyes examines why economic strength doesn't guarantee stock market strength, then unpacks Bundesbank President Joachim Nagel's warning on sticky inflation and UBS...

Bank of America reset its 12-month gold price target to $6,000 per ounce in June 2026, citing Fed leadership uncertainty, persistent fiscal deficits, and structurally low investor allocations. Elena Reyes stress-tests that forecast alongside Goldman Sachs data showing central banks purchased 59 tonnes of gold in April, with China accounting for roughly 24 tonnes, framing institutional buying behav...

Central banks are accelerating gold accumulation at a pace not seen in recent years, and the June 2026 economic data makes that institutional behavior harder to dismiss. Elena Reyes examines three converging signals — inflation reaching 4.2%, the Federal Reserve holding rates steady, and rising gold demand among sovereign institutions — explaining what each means for investors holding or consideri...

High U.S. debt levels near 100% of GDP are reshaping inflation, interest costs, and how investors think about gold and silver as portfolio hedges. Elena talks with John Ohanesian about why the current debt and deficit path in June 2026 looks different from the post–World War II period, and how structural spending, rising rates, and de-dollarization pressures can affect everyday Americans. They exp...

For the first time in thirty years, gold has surpassed U.S. Treasuries as the world's largest reserve asset — a shift that carries real implications for individual investors in June 2026. Elena Reyes examines what is driving central bank gold accumulation, how eroding real incomes are squeezing household purchasing power, and why the structural trajectory of U.S. federal debt matters to anyone hol...

Central banks are buying gold at a pace of roughly 60 tons per month through 2026, a structural shift that carries implications for individual investors thinking about long-term purchasing power. Elena examines why institutional players, from BRICS central banks to Goldman Sachs analysts, are focused on gold and silver simultaneously in May 2026, tracing the dollar's declining share of global rese...

Gold outperformed both the Dow and real estate over the past 25 years, turning a $100,000 investment made in 2000 into $744,730 by comparison. This episode examines why billionaire Eric Sprott holds 98% of his wealth in precious metals, why Bond King Jeff Gundlach is recommending a 20% allocation to cash and hard assets in May 2026, and what both positions reveal about portfolio construction durin...

Veteran forecaster Gary Shilling is warning of a 2026 recession driven by a frozen housing market, weakening consumers, and stretched stock valuations. In this week's episode, Elena Reyes examines five converging economic signals — from Shilling's recession call to a 50-percent oil surge near the Strait of Hormuz — and explains what the pattern may mean for investors holding or considering preciou...

The Federal Reserve's sharpest internal disagreement since 1992 is sending a clear signal to retirement savers about the road ahead. In this week's discussion, Kathrynn examines how stagflation conditions, elevated oil-driven inflation expectations, and Fed uncertainty combine to quietly erode the purchasing power of retirement portfolios even when account balances appear stable. The conversation...

Central banks are accumulating gold at a pace that analysts now describe as a direct credibility challenge to dollar-denominated reserves. Elena examines how China's sustained gold buying, accelerated in the wake of Russia's 2022 reserve freeze, has reshaped the strategic calculus around precious metals allocation for sovereign institutions and individual savers alike. She breaks down the two vari...

Gold's 17% pullback from its April 2026 all-time high of $5,595 an ounce does not necessarily signal a broken thesis. Kathrynn Ward examines the three mechanical forces behind the drop, including forced liquidation during the equity sell-off, institutional deleveraging, and shifting rate expectations tied to energy-driven inflation, none of which reflect a change in gold's structural fundamentals....