Silver is trading above $110 per ounce. Gold touched on $5,300 overnight. A big part of that story in the past 48 hours is the mechanism most investors use to value those assets – the dollar.
The U.S. dollar index has cratered to a four-year low:
The U.S. dollar has broken to a four-year low, potentially boosting exports and supporting asset prices.
(Source: Kobeissi Letter)
A push for lower interest rates, jawboning by Trump administration officials, and concerns over U.S. debt levels are giving the dollar a good thrashing.
Dollar-denominated assets, from global commodities to U.S. stocks — even competing fiat currencies — will see prices rise versus the U.S. variety until this trend shifts.
~ Addison
P.S. This week on Grey Swan Live! – Thursday, January 29, 2026, at 2 p.m. ET – we’ll be joined by Ronan McMahon of Real Estate Trend Alert . Real estate – particularly bought in foreign locales – can avoid much of the volatility of traditional assets in the U.S., even while appreciating in dollar terms.
Ronan’s going to treat us to real estate deals he’s got cooking in Mexico, Panama and Paraguay… it’s going to be a welcome tropical topic after this week’s bout with winter weather in North America.
Ronan’s also been scouting property in Venezuela – yes, Venezuela – following Trump’s abrupt capture of Nicolas Maduro to kick off the new year. We haven’t spoken to him yet about this property, but we’ve heard he found beachfront condos for $15,000. Not everyone’s cup of tea, for sure. But if you’re into crisis investing… well, we’ll find out what deals Ronan has found.
If you have requests for new guests you’d like to see join us for Grey Swan Live!, or have any questions for our guests, send them here.
