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Outside The Dollar
16 episodes
Jobs Miss, Gold Jumps 7%
Ep 16 · Aug 14, 2026 · 12 min
Employers cut 23,000 jobs in July 2026 against forecasts for a 95,000 gain, exposing a widening split between labor data, inflation trends, and a surging gold market. Elena Reyes examines gold's sharpest weekly rally since February, survey data showing nearly half of central banks plan to add reserves, and Japan's yen intervention involving over a trillion dollars in Treasury holdings. She contrasts retail investors' short time horizons with the multi-year strategies driving institutional gold b…
Jobs Fall 23,000: Gold's Next Move
Ep 15 · Aug 7, 2026 · 11 min
U.S. employers lost 23,000 jobs in July 2026, a sharp miss against forecasts of 85,000 gains, exposing cracks in the labor market just as inflation pressure and AI valuation fears collide in August 2026. Elena Reyes examines Oracle's steep selloff and Larry Ellison's paper losses, questions claims that the AI trade is now far larger than the dot-com bubble, and unpacks ISM manufacturing data showing factory-floor cost pressure some call worse than the pandemic. She then turns to gold and silver,…
Fed Holds: Metals Reset and AI Debt Risk
Ep 14 · Jul 31, 2026 · 11 min
Four major stories are converging this week: a Federal Reserve decision, record market leverage, AI financing concerns, and a sharp pullback in gold and silver prices. In July 2026, Elena Reyes examines Morningstar's Fed preview, warning that the hawkish tone under Kevin Warsh matters more than the meeting itself, before turning to Globalbankingandfinance's data on margin debt, Treasury yields above 5%, and rising oil prices. She then breaks down Jim Cramer's dot-com comparison to current AI dat…
Debt, Dimon, and Gold: Nearing $40 Trillion
Ep 13 · Jul 24, 2026 · 9 min
Jamie Dimon told CNBC this month he wouldn't buy stocks or long-dated Treasurys at current prices, a warning that anchors this July 2026 episode of Outside The Dollar. Elena Reyes examines Goldman Sachs estimates suggesting China's real gold buying may run nearly five times official figures, alongside World Gold Council data showing a sharp May jump in central bank purchases. She connects this quiet accumulation to gold's recent pullback, its long-term performance against stocks, and the widenin…
Financial Repression: Why Gold Jumped 2%
Ep 12 · Jul 17, 2026 · 11 min
Gold rallied more than two percent in July 2026 after June's cooler-than-expected CPI report reduced expectations for an immediate Fed rate hike, even as U.S. debt surpassed thirty-nine trillion dollars. Elena Reyes examines why backward-looking inflation data tells only part of the story, unpacking financial repression's roots after World War Two and its relevance to today's debt debate. She breaks down the rate, dollar, and geopolitical forces behind gold's move, then turns to India and China'…
China Undermining the Dollar & AI Bubble Risk
Ep 11 · Jul 10, 2026 · 10 min
Confidence in dollar-based markets faces pressure from multiple directions this July 2026, as China expands renminbi settlement, valuations stretch amid AI-concentrated gains, and inflation risks linger despite the Iran ceasefire. Elena Reyes examines why economic strength doesn't guarantee stock market strength, then unpacks Bundesbank President Joachim Nagel's warning on sticky inflation and UBS's raised $5,200 gold price target, weighing its three underlying assumptions against honest counter…
Gold at $6,000: What the Forecast Really Means
Ep 10 · Jun 26, 2026 · 13 min
Bank of America reset its 12-month gold price target to $6,000 per ounce in June 2026, citing Fed leadership uncertainty, persistent fiscal deficits, and structurally low investor allocations. Elena Reyes stress-tests that forecast alongside Goldman Sachs data showing central banks purchased 59 tonnes of gold in April, with China accounting for roughly 24 tonnes, framing institutional buying behavior as a signal about purchasing power exposure rather than price speculation. She examines the macr…
Inflation Stays High: What Gold and Silver Signals Say Now
Ep 9 · Jun 19, 2026 · 13 min
Central banks are accelerating gold accumulation at a pace not seen in recent years, and the June 2026 economic data makes that institutional behavior harder to dismiss. Elena Reyes examines three converging signals — inflation reaching 4.2%, the Federal Reserve holding rates steady, and rising gold demand among sovereign institutions — explaining what each means for investors holding or considering precious metals. She breaks down why a Fed hold at elevated inflation is not a neutral outcome fo…
U.S. Debt: 100% of GDP and the Case for Gold & Silver
Ep 8 · Jun 15, 2026 · 16 min
High U.S. debt levels near 100% of GDP are reshaping inflation, interest costs, and how investors think about gold and silver as portfolio hedges. Elena talks with John Ohanesian about why the current debt and deficit path in June 2026 looks different from the post–World War II period, and how structural spending, rising rates, and de-dollarization pressures can affect everyday Americans. They explore what mounting federal obligations may mean for taxes, government spending choices, dollar confi…
Gold Tops Treasuries: What Debt and Inflation Mean for Your Savings
Ep 7 · Jun 5, 2026 · 8 min
For the first time in thirty years, gold has surpassed U.S. Treasuries as the world's largest reserve asset — a shift that carries real implications for individual investors in June 2026. Elena Reyes examines what is driving central bank gold accumulation, how eroding real incomes are squeezing household purchasing power, and why the structural trajectory of U.S. federal debt matters to anyone holding or considering precious metals. She explains the difference between short-term geopolitical noi…
Gold at $8,000? What Deutsche Bank and Goldman Sachs See Coming
Ep 6 · May 28, 2026 · 14 min
Central banks are buying gold at a pace of roughly 60 tons per month through 2026, a structural shift that carries implications for individual investors thinking about long-term purchasing power. Elena examines why institutional players, from BRICS central banks to Goldman Sachs analysts, are focused on gold and silver simultaneously in May 2026, tracing the dollar's declining share of global reserves from 72 percent in 2001 to 58 percent in 2024. The episode breaks down Deutsche Bank's $8,000 p…
Gold, Silver, and 25 Years of Performance Data
Ep 5 · May 15, 2026 · 12 min
Gold outperformed both the Dow and real estate over the past 25 years, turning a $100,000 investment made in 2000 into $744,730 by comparison. This episode examines why billionaire Eric Sprott holds 98% of his wealth in precious metals, why Bond King Jeff Gundlach is recommending a 20% allocation to cash and hard assets in May 2026, and what both positions reveal about portfolio construction during periods of elevated equity valuations. Silver's near-7% surge to $86 an ounce amid stalled U.S.-Ir…
Recession Signals: Gold, Silver, and What 2026 May Bring
Ep 4 · May 12, 2026 · 13 min
Veteran forecaster Gary Shilling is warning of a 2026 recession driven by a frozen housing market, weakening consumers, and stretched stock valuations. In this week's episode, Elena Reyes examines five converging economic signals — from Shilling's recession call to a 50-percent oil surge near the Strait of Hormuz — and explains what the pattern may mean for investors holding or considering precious metals. She walks through softening Treasury demand, Ray Dalio's systemic risk warnings, and why g…
Is Your Retirement Actually Keeping Up With Inflation?
Ep 3 · May 4, 2026 · 14 min
The Federal Reserve's sharpest internal disagreement since 1992 is sending a clear signal to retirement savers about the road ahead. In this week's discussion, Kathrynn examines how stagflation conditions, elevated oil-driven inflation expectations, and Fed uncertainty combine to quietly erode the purchasing power of retirement portfolios even when account balances appear stable. The conversation covers gold and silver as diversification tools during inflationary periods, addresses the recent 11…
Silver Eagles and the Gold Rush: Who's Winning?
Ep 2 · Apr 24, 2026 · 14 min
Central banks are accumulating gold at a pace that analysts now describe as a direct credibility challenge to dollar-denominated reserves. Elena examines how China's sustained gold buying, accelerated in the wake of Russia's 2022 reserve freeze, has reshaped the strategic calculus around precious metals allocation for sovereign institutions and individual savers alike. She breaks down the two variables that most reliably move gold prices—real interest rates and dollar strength—and explains why t…
Gold's Dip: What Major Banks Are Actually Saying
Ep 1 · Apr 10, 2026 · 14 min
Gold's 17% pullback from its April 2026 all-time high of $5,595 an ounce does not necessarily signal a broken thesis. Kathrynn Ward examines the three mechanical forces behind the drop, including forced liquidation during the equity sell-off, institutional deleveraging, and shifting rate expectations tied to energy-driven inflation, none of which reflect a change in gold's structural fundamentals. She then maps the range of institutional forecasts, from JPMorgan's $5,000 Q4 2026 target to the Re…
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