Squawk on the Street Squawk on the Street 2ND Hour 1/26/26
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Jan 26, 2026 Steve Sosnick, Chief Strategist at Interactive Brokers, offers market strategy commentary and analysis. He discusses yen moves and possible U.S.-Japan coordination. He highlights mega-cap versus cyclicals, retail dip-buying and silver mania. He also covers flows into emerging markets and M&A tailwinds amid strong earnings and AI-driven investment.
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Currency Moves Fuel Gold Rally
- The yen's surge may reflect coordinated intervention fears and Japan's fiscal concerns, weakening the dollar.
- That shift is driving central banks and investors toward gold and other hard assets as diversification.
Central Banks Buying Gold
- Central banks are increasingly buying gold and hard assets as part of reserve diversification away from the dollar.
- That diversification, plus geopolitical risks, is sustaining strong ETF and central bank demand for gold.
Bitcoin Acts Like A Risk Asset
- Bitcoin currently behaves more like a risk asset than a currency hedge and is not benefiting from the gold rally.
- Many retail investors have rotated from Bitcoin ETFs into precious metals and related ETFs this year.