Macroscopic Podcast Hugh Hendry: SILVER to $200, Nikkei going 5x, Yen COLLAPSE & China Stocks
Jan 27, 2026
Hugh Hendry, contrarian hedge fund manager known for blunt macro calls, outlines why silver, Japan and volatility matter more than inflation panic. He teases silver to $200 and a potential 5x Nikkei. He explains the yen’s dramatic collapse, shifts in currency and asset-price regimes, and where to find convex upside in markets.
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Price Regime Breaks Drive Explosive Returns
- Asset price regimes break ceilings after long caps and then explode higher.
- Hugh Hendry links recent regime breaks in Nikkei and silver to a broader market reset.
Dollar Moves Reflect Eurodollar Credit Cycle
- Dollar moves reflect global eurodollar creation and private-sector credit confidence.
- Hendry says equities up => banks extend credit => more dollars created and currency weakens.
Use Dollars As Long-Volatility Diversifier
- Denominate core wealth in dollars to gain long-volatility diversification.
- Buy long-dated convex dollar exposure to hedge big regime shocks in pegs like Saudi or Hong Kong.
