State of the Markets #236 Dominic Frisby - The year ahead and the Secret History of Gold
Jan 27, 2026
Dominic Frisby, author and commentator on money and markets, offers bold market predictions and promotes his book The Secret History of Gold. He discusses rapid gold and silver moves, central bank buying and reserve shifts, Bitcoin and commodity opportunities, structural supply issues for silver, and why gold remains a universal store of value. He also shares practical thoughts on crypto payments and currency diversification.
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Gold-Led Structural Bull Market
- Gold's current bull market feels broader and deeper than the 2000s cycle, driven by central bank buying and structural shifts.
- Dominic sees metal markets (gold → silver → miners) as signalling an underlying monetary re-pricing, not just a commodity rally.
Asset Freezes Weaken Dollar Trust
- Freezing sovereign assets (e.g., Russian, Venezuelan) damaged confidence in the dollar and highlighted limits of private crypto custody.
- Dominic sees these actions as accelerating de-dollarisation and driving central bank gold accumulation.
Adopt A Simple Diversified Portfolio
- Build a simple, diversified portfolio and avoid constant fiddling; Dominic's 'dolce farniente' model holds long-term allocations.
- Example allocation: ~5% Bitcoin, 15% gold, global equity tracker, uranium exposure and ≤10% speculative special situations.
