Schwab Network Gold’s Bull Case for 2026: Dollar Devaluation, Geopolitics Pushing 3X Returns vs SPX
Jan 23, 2026
Philip Diehl, former U.S. Mint Director and current president of U.S. Money Reserve, shares views on deliberate dollar devaluation and its push on markets. He discusses gold as a barometer of financial risk. He warns geopolitical tensions may not ease and explains why physical gold could outperform the S&P by a wide margin.
AI Snips
Chapters
Transcript
Episode notes
Dollar Devaluation Driving Gold
- The administration has pursued policies that intentionally devalue the dollar for trade and political reasons.
- Philip Diehl expects the dollar to resume falling later in the year, which would drive gold higher in 2026.
Gold Outpacing Dollar As Safe Haven
- Gold is increasingly acting as the preferred safe-haven over dollar-based assets after geopolitical shocks.
- Market skepticism about administration consistency has muted downside moves in gold and strengthened upward momentum.
Fragile Geopolitical Calm
- Easing headlines can reverse quickly and tensions remain across many regions beyond headline stories.
- Diehl warns not to assume geopolitical calm will persist, keeping support for gold intact.