MAGA and geopolitics
These two topics are driven by America’s determination to focus on domestic affairs and withdraw from international trade. It is undermining the dollar’s status in favour of gold.
The politics of returning production to America and of dealing with unfair foreign competition are popular with the masses. And Trump’s opponents lack a cohesive alternative, particularly since the mess that Trump inherited was down to them. However, his policies are certain to weaken the dollar and strengthen gold, an outcome markets are already beginning to anticipate.
