Gold & Silver Warning: Has the US Become an Emerging Market?

This week on The Art of Investing, Rich McDonald, Mark “Spice” Holden and Chris Fellingham are joined by JP Smith, veteran emerging markets strategist and former Chief Global Strategist at Pictet, for a deep dive into the forces shaping global markets, and where investors may be underestimating risk.

From Russia’s 1998 crisis to China’s governance problem, US dollar fragility and the future of emerging markets, this episode blends hard market insight with frontline experience from one of the world’s most seasoned emerging markets voices.

Expect history, geopolitics, sharp disagreement, and a rare behind-the-scenes look at how market crises really unfold.

This Week’s Highlights:

🌍 Emerging Markets in Focus

Why emerging markets have surged, and why today’s emerging markets index looks nothing like the one investors remember.

🇷🇺 Lessons From Russia

JP recounts calling the 1998 Russian crisis early, and what investors consistently miss before major blow-ups.

🇨🇳 China’s Governance Problem

Dilution, state intervention and why earnings haven’t matched economic growth.

💵 The Dollar Debate

Is US dollar weakness structural, or just noise? A heated discussion on debt, politics and confidence.

🏦 Central Banks & Credibility

From Japan’s bond market intervention to the Fed’s independence under pressure.

⚠️ Tail Risks Are Rising

Why gold, silver and commodities may be signalling something markets are ignoring.

Portfolio Snapshot:

Weekly performance: +0.1%

Total return since inception: +16.4%

Top Performers (WoW):

🥇 BlackRock World Mining Trust: +4.5%

🥈 iShares S&P 500 GBP Hedged ETF: +1.7%

🥉 Vanguard FTSE 250 ETF: +1.5%

Underperformers:

💷 Cash: +0.1%

📉 WisdomTree Copper ETF: –0.3%

🇮🇳 iShares MSCI India ETF: –2.6%

Big Questions the Team Debate

• Are emerging markets finally investable again, or just riding the AI cycle?

• Is China uninvestable, misunderstood… or both?

• Could the US start behaving like an emerging market politically?

• Is gold a warning sign or simply reflecting dollar weakness?

• Should investors hedge tail risks more aggressively?

What You’ll Learn

✔️ How market crises actually develop on the ground

✔️ Why governance matters more than growth

✔️ How dollar weakness feeds through to emerging markets assets

✔️ Why diversification is back in focus

✔️ How professionals think about risk when markets look “fine”

📈 Download the full Portfolio Performance Slides

View the portfolio breakdown: here

📧 Get in touch: theartofinvesting@ig.com

Subscribe for weekly market insight and to follow the live portfolio in real time.

Disclaimer

This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are illustrative and for educational purposes.

Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in.



February Incentive

Get up to £3000 when you transfer your ISA to IG.

Earn 1% cashback up to £300k when you transfer your ISA before 5th April.

Use Promo Code ISAPODCAST

New share dealing customers only. Offer available 31st Jan to 5th April 26. T&Cs apply.

📋T&Cs :www.ig.com/uk/transfer-1-percent-cashback-feb-26