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🔥 The macro hedge landscape in 2026: Shortening the dollar, can gold and emerging markets make a comeback?

A few veteran fund managers who accurately shorted during the financial crisis have spoken again, and their shared judgment is noteworthy—this year, they are betting on the same historic opportunity: the acceleration of dollar depreciation, with gold and emerging markets poised for a rebound.

One analyst believes that gold remains the best tool to hedge against dollar risk. His logic is straightforward: the decline of the dollar is a certainty, with escalating geopolitical conflicts and looming debt crises, these factors will continue to drive up precious metal prices. Gold is not just a commodity; essentially, it is the final pricing of global economic risks.

Another analyst is optimistic about emerging markets like China and Brazil. He points out that these countries have favorable interest rate environments and valuations that haven't yet been inflated, and their long-term yields may surpass those of the S&P 500. Although he warns of the risk of gold's high-level correction, his core view remains unchanged: the trend of dollar depreciation against precious metals will not reverse.

What is the AI boom hiding? While most retail investors are still chasing high US stocks, these contrarian traders have already quietly shifted their positions—allocating heavily to defensive assets. An earthquake in the monetary system is brewing. In 2026, will it be the return of the gold era or the final struggle of the dollar? Market currents are surging beneath the surface, and the real storm has just begun.