The Dollar’s Reign Is Ending, Here’s What He’s Buying | David Rosenberg #Dollar #Gold #Commodities

I think we will look back in this period of time, the period of time these Donald Trump years, I think that we will look back that this was um the start of the sunset of the US economic hegemony. I think that's what historians have always thinking about what are historians going to write 3, 5, 10 years from now. So, I think the US dollar is at risk of going through a long-term bear market. Uh and don't think if the Democrats win in 2028 that it's going to be better. It'll be different. It won't be better. So, I'm I'm fundamentally bearish on and that's why once again, um you're right. Today the US dollar had a pop, gold went down. >> Yeah. >> That makes perfect sense. Uh and my sense is that gold had a pop but I but I think the US dollar is going into a long and drawn out fundamental downtrend and gold is probably one of your most effective hedges against that. >> So, when you say 70% is it kind of uncorrelated to the US dollar, do you mean 70% of the assets are denominated? >> Not uncorrelated, inversely >> correlated. >> Inversely correlated. So, what what's what's inside that 70% of it? You got foreign bonds, currencies, commodities, gold, international equity. >> Yeah, we um we we most of our equity exposure is in is in emerging markets uh and in Japan. Uh we have local currency emerging market debt. Uh and then we have a lot of whether it's even in our equity portfolio or outright, we we like the commodity sector. Uh I I see disinflation or deflation in services, housing being a critical part of that but in the good sector, there is inflation. Uh so, we are very long basic materials. Uh you know, whether that's base metals, whether that's gold, uh whether that's rare earths, uh power infrastructure. We also have a position in oil as a geopolitical hedge but it's a very much and we have bonds, we have we do have treasuries, twos and tens. Right. So, some of this barbell between um very cheap, in our opinion, fixed income uh too much Fed tightening priced in, uh barbeled with uh with hard assets.