Maggie Lake Talking Markets Episode 8: Why The Dollar Is Key. With Dale Pinkert.
16 snips
Jan 23, 2026 
Dale Pinkert, trading coach at TradeGateHub known for FX, commodities and energy analysis. He breaks down silver’s parabolic blow-off and where metals might correct. He maps key dollar pivots and explains how dollar moves steer commodities and equities. He flags tech and small-cap vulnerabilities, copper downside, and tells you what to watch next in FX, energy and risk positioning.
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USD/JPY Peak Could Trigger Big Carry Unwind
- A major high likely formed in USD/JPY that could trigger a large unwind of carry trades and market rotation.
- That unwind may pressure risk assets and fuel further strength in gold and silver if the dollar falls.
A Short Silver Trade That Netted Quick Gains
- Dale recounted selling silver and buying oil then getting the call reversed and catching a $6 silver move on Monday.
- He emphasized that he didn't capture the whole move but benefited from a short-term trade.
Yen Strength Implies Repatriation And Risk Pressure
- Yen strengthening suggests repatriation and support for JGBs, reducing carry-trade profitability.
- That dynamic can force liquidations and isn't bullish for risk assets broadly.