Should We Reduce Equity Exposure Now? Were the Clues to the Volatile Market Already in FX and Rates?! | Kim Joon-song TV CEO Kim Joon-song

지금은 주식비중 줄여야 하나요?…시장의 변동성 장세 환율, 금리에서 이미 힌트있었다?! | 김준송TV 김준송 대표 [글로벌 인터뷰]
Watch on YouTube ↗  |  February 04, 2026 at 22:44  |  32:16  |  3PRO TV (삼프로TV)
Speakers
Kim Joon-song — CEO

Summary

Kim Joon-song, CEO of Kim Joon-song TV, argues that investors should not focus only on stocks despite strong equity rallies. He recommends long-horizon diversification into commodities, foreign exchange, and bonds, with commodities supported by electrification, AI investment, China buying, and money-supply growth. He is bullish on gold and copper, expects the dollar to stay strong while US rates remain high, and sees long-term US Treasury yields staying elevated. He prefers US equities over Korean equities for this year.

  • The interview starts with market volatility and whether FX and rates gave early hints.
  • Kim says 10-year US yields have been stable while the dollar, gold, and industrial metals have moved.
  • He recommends diversifying beyond a stock-heavy portfolio into FX, bonds, and commodities.
  • He sees commodities broadly supported by demand, central-bank buying, and global money-supply growth.
  • He holds specific bullish views on gold and copper, and expects the dollar to remain firm.
  • He argues long-term US Treasury yields are unlikely to fall much due to fiscal deficits.
  • He prefers US assets and US stocks over Korean assets and Korean stocks this year.
  • He treats Bitcoin as a high-risk asset rather than a safe haven and notes algorithmic trading's role in volatility.
Ideas
Kim Joon-song CEO 4:52
Commodities likely rise; portfolios need diversification.
Kim Joon-song argues that investing horizons can run 30-60 years, so a stock-only portfolio is risky. He says the old 60/40 stock-bond mix is outdated and commodities should now be at least 10% of a portfolio. He advises diversifying into FX, bonds, and commodities, noting global fund managers are adding commodities; demand is supported by electrification, AI capex, economic recovery, China buying, and money-supply growth. He thinks commodities broadly are unlikely to fall, though algorithmic trading can cause short-term volatility.
DBC HIGH
Kim Joon-song CEO 4:52
Commodities likely rise; portfolios need diversification.
Kim Joon-song argues that investing horizons can run 30-60 years, so a stock-only portfolio is risky. He says the old 60/40 stock-bond mix is outdated and commodities should now be at least 10% of a portfolio. He advises diversifying into FX, bonds, and commodities, noting global fund managers are adding commodities; demand is supported by electrification, AI capex, economic recovery, China buying, and money-supply growth. He thinks commodities broadly are unlikely to fall, though algorithmic trading can cause short-term volatility.
Foreign exchange HIGH
Kim Joon-song CEO 10:20
Copper benefits from electrification and AI.
Kim highlights industrial metals, especially copper and aluminum, as beneficiaries of the energy transition/electrification, AI-related investment, and a broader economic recovery. This gives copper a demand-led bullish thesis distinct from precious metals.
COPPER MED
Kim Joon-song CEO 11:02
Gold has upside as China buys.
Kim is bullish on gold because China and other reserve managers are reducing dollar exposure and buying gold after Russia's dollar reserves were frozen. China's gold share of reserves has risen from about 4% to 9% and may reach 15%. He also cites rising global money supply, ETF inflows, and asymmetric upside: from current levels, he sees a doubling as more likely than a halving.
GLD HIGH
Kim Joon-song CEO 26:42
Long-term Treasury yields unlikely to fall.
Kim thinks long-term US Treasury yields are unlikely to fall significantly because large fiscal deficits require heavy Treasury issuance, and Europe, Japan, and Korea also face fiscal pressure. He says the market's hope that Fed cuts will pull long yields lower is unrealistic and that 10-year yields around 4.2-4.5% may be normal. Therefore long-duration Treasuries are unattractive.
TLT HIGH
Kim Joon-song CEO 29:36
Dollar stays strong while rates stay high.
Kim expects the dollar to stay strong unless US rates fall. He cites the stable 50-year relationship between US real rates and the dollar and disagrees with economists forecasting broad dollar weakness this year. Since he expects long-term US rates to remain high, he expects the dollar not to weaken.
USD HIGH
Kim Joon-song CEO 30:27
Prefer US equities over Korean equities.
Kim prefers US assets over Korean assets for this year and specifically says US stocks are likely better than Korean stocks. He notes the Korean market has already had a strong run and argues investors should favor dollar-based assets while US rates remain high. He does not say all stocks are bad, but sees better relative opportunity in the US.
SPY MED
Kim Joon-song CEO 30:27
Prefer US equities over Korean equities.
Kim prefers US assets over Korean assets for this year and specifically says US stocks are likely better than Korean stocks. He notes the Korean market has already had a strong run and argues investors should favor dollar-based assets while US rates remain high. He does not say all stocks are bad, but sees better relative opportunity in the US.
Korean equities MED
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This 3PRO TV (삼프로TV) video, published February 04, 2026, features Kim Joon-song discussing DBC, Foreign exchange, COPPER, GLD, TLT, USD, SPY, Korean equities. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Kim Joon-song  · Tickers: DBC, Foreign exchange, COPPER, GLD, TLT, USD, SPY, Korean equities