QuiCQ 28/01/2026
Instant Karma
“There are two tragedies in life: one is not getting what one wants, and the other is getting it.”
— George Bernard Shaw
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Sure thing, the US Dollar had already been declining over the past few sessions, especially since rumours about a coordinated Yen (buying) intervention between the BoJ and the Fed became louder over the weekend. But yesterday’s nonchalance comments by Trump about not worrying about a lower Dollar reminded me immediately of one of Christine Lagarde’s comments at her first ECB press conference as the institutions president:
“The ECB is not here to close spreads.”
The (bond market) karma was instant….
Anyhow, the recent breakdown in the US Dollar, which we have been expecting as expressed in our 2026 outlook (click here) is important:
This is raising the question: Is Gold now the World’s new reserve currency?
Only two sessions after surpassing the $5,000 landmark, the yellow metal is trading at nearly 5,300 already!
Elsewhere, global stock markets are pushing higher on the back of very decent earnings, with the latest examples being Texas Instruments, Seagate and ASML - all beating and upping guidance.
This is the chart of the S&P 500, hitting new a new ATH yesterday:
The Nasdaq-100 missed that feat, but not by a lot, and futures imply that this market (i.e. new ATH) will be achieved later today:
One index bucking the trend yesterday was the Dow Jones Industrial index, which closed down -0.8% or 409 index points, courtesy of a 424 points (19.6%) drop in one of its esteemed members stocks, UnitedHealth Group:
Keeping it short and sweet today, all that remains is to wish you a good day and be careful out there.
André
The COTD below shows the performance of Gold each year over the past 30-years. Red is 2026, black is the average. The yellow metal is having its best start to the year …ever!
