Merryn Talks Money Markets Weekly: Gold’s Moves, Yen Intervention, and Fallout From a Weaker Dollar
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Jan 30, 2026 Marcus Ashworth, Bloomberg Opinion columnist focused on European markets and fixed income. He discusses gold’s rapid rally and who's buying. They tackle yen interventions and US 'rate checks'. They explore how a softer dollar could reshape eurozone monetary policy and investor hedging decisions.
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Gold Rally Looks Behavioral Not Structural
- Gold's rally is driven more by speculation and catch-up buying than fresh central-bank demand.
- ETF selling and low retail involvement mean current gains risk a sharp reversal.
Split Asset Exposure From Currency Bets
- Investors must separate owning US assets from being unhedged long the dollar.
- Holding US stocks is still sensible, but naked dollar exposure is now a distinct and riskier bet.
Hedge Dollar Exposure Selectively
- Hedge some dollar exposure even if you keep US assets because currency moves can drag returns.
- Consider emerging-market alternatives to reduce concentrated dollar risk.