Soar Financially

Gold at $5,000… So WHY Is the Dollar Still Strong?! | Brent Johnson

Feb 3, 2026
Brent Johnson, CEO of Santiago Capital and creator of the Dollar Milkshake idea, gives a sharp macro view of currencies, gold, and global funding. He explains why gold can surge while the dollar stays firm. Short takes cover yield curve control, stablecoins’ role in re-dollarization, Japan’s bond time bomb, and the $9.2T refinancing risk.
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INSIGHT

Gold Rising Without Dollar Collapse

  • Gold can rally to extreme levels while the dollar remains strong because fiat currencies are compared relatively, not absolutely.
  • Brent Johnson argues the dollar stays strong because other currencies are even weaker and the U.S. retains unique advantages.
INSIGHT

Smoldering, Not Burning

  • The world is 'smoldering' with mounting stresses, not yet in full-blown collapse.
  • Brent cautions to prepare for a crisis while acknowledging the world often keeps spinning.
INSIGHT

De-Globalization Raises Volatility

  • De-globalization increases volatility because integration reversal causes disruption across currencies and supply chains.
  • Brent links excessive government borrowing to the rising likelihood of funding consequences and instability.
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