[Episode 29] Gold, Industrial Metals, Bitcoin & the New Fed Chair: A Macro Veteran’s Unfiltered Take on What will Win in 2026

What does a veteran macro investor see that most people are missing heading into 2026? My guest Shengbei, who correctly called the gold trade, the dollar selloff, and the post-August liquidity squeeze, returns to World Ledger to break down what's really driving markets right now.  From gold's decade-long structural tailwind and the de-dollarization quietly reshaping global trade, to why he turned bearish on Bitcoin and crypto, and what Kevin Walsh as the new Fed chair actually means for liquidity, this conversation cuts through the noise.  

A must-listen for anyone trying to understand the macro forces moving real assets in 2026.

Shengbei is the CEO of New York-based GSB PodiumAdvisors, with over two decades of experience spanning Morgan Stanley, Deutsche Bank, and senior investment roles at CITIC Securities — one of China's leading financial institutions.

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Following World Ledger: World Ledger newsletterTimestamps:

(00:15) Introduction and Market Backdrop

(01:16) 2025 Review

(01:45) February - April 25, Sell Dollar & Risk Assets, Long Gold

(02:24) April - August 25: Long U.S. Equity & Crypto

(03:28) August 25 - till now: Long Gold & Global Diversification

(06:28) Deep Dive U.S. Market’s Changes

(07:18) Why Investors Diversifying from U.S Dollar - backed Assets

(08:36) 2026 Outlook and Key Factors to Monitor: Tariff, Liquidity, AI and Credit Issues

(11:51) Will Gold Rally Continue and Why

(13:46) Gold and Chinese Currency RMB in Global Trade

(15:49) China and its U.S. Treasuries Holding

(17:51) Why Dollar Weakening

(19:25) Which Assets will Benefit from Weaker Dollar

(21:42) Views on Bitcoin and Strategy and Why he is Bearish

(24:33) Liquidity Issue and Solutions

(28:06) Kevin Walsh, a Good Pick? Why the Market Sell-off? Fed & Treasury Working together?

(32:13) Cut or No Cut by Fed