Ideas
Gold momentum targets $5,200, high volatility.
Gold's momentum and surge of flows are so strong that it could reach about $5,200 an ounce soon, and Goldman Sachs' $5,400 year-end target is reasonable. However, after such a huge run-up, expect higher volatility around the $5,000-$5,200 level, similar to the October flash crash after gold hit $4,200, so gains may not be fully held.
JGB curve steepening bias to watch.
The Bank of Japan faces constrained fiscal space, leading to a steepening bias in the JGB curve. If the pace of increase in long-end yields accelerates, it could bring capital back to Japan and put pressure on global equity markets. She will watch the pace of hikes and inflation forecasts.
Gold replacing long Treasuries as hedge.
Long-dated Treasuries have lost their hedging role because they are positively correlated with equities post-2022; retail and institutional investors are instead adding gold to hedge U.S. equities. Central bank diversification away from the U.S. dollar puts a floor under gold and supports progressively higher levels, so Goldman's $5,400 target is not too bullish.
Gold replacing long Treasuries as hedge.
Long-dated Treasuries have lost their hedging role because they are positively correlated with equities post-2022; retail and institutional investors are instead adding gold to hedge U.S. equities. Central bank diversification away from the U.S. dollar puts a floor under gold and supports progressively higher levels, so Goldman's $5,400 target is not too bullish.
Diversify into Europe and EM Asia tech.
The weak U.S. dollar brings opportunities in Europe, and especially in EM Asia, where there are very high-quality tech stocks to diversify into. She would not sell America and still sees a case for investing in the U.S. due to its high-quality index, but would bring exposures back to market weight and diversify elsewhere.
Buy high-quality small caps, S&P 600.
Small caps should go higher from here because massive fiscal and monetary policy is coming into the market and we are further into the rate-cutting cycle. She prefers high-quality small caps, specifically the S&P 600 rather than the Russell 2000, and expects more gains.
Favor banks, avoid insurance.
She likes financials and especially banks, and she specifically favors regional banks as a sector to buy, while staying away from insurance within financials.
Favor banks, avoid insurance.
She likes financials and especially banks, and she specifically favors regional banks as a sector to buy, while staying away from insurance within financials.
Homebuilders benefit from tighter MBS spreads.
She likes homebuilders because Fannie and Freddie are going to buy mortgage-backed securities; if deregulation comes, the spread between MBS and Treasuries should tighten, which is good for mortgage rates and therefore supports homebuilders.
Ericsson executing; growth, margins, buyback.
Ericsson is executing efficiently in a difficult market, with organic growth of 6%, 48% gross margin, and 18% EBITDA margin in Q4. Selective investments in 5G core, mission-critical networks, and enterprise are coming through, and the company proposed a 15 billion SEK buyback. The portfolio is where they want it, and they continue efficiency gains.
AI's next step needs connectivity.
AI is the most fundamental technology seen to mankind. The first step was building data centers and semiconductors; the next and more exciting step is moving AI into applications, devices, drones, and XR glasses. Connectivity is critical to this physical AI, and AI and connectivity together are the fabric of the future.
This Bloomberg Markets video, published January 23, 2026,
features Ven Ram, Lale Akoner, Börje Ekholm
discussing GLD, Japanese government bond curve steepener, TLT, VGK, EM Asia tech, IJR, XLF, KBE, KRE, FINANC, XHB, ERIC, AI-SECTOR.
11 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Ven Ram,
Lale Akoner,
Börje Ekholm
· Tickers:
GLD,
Japanese government bond curve steepener,
TLT,
VGK,
EM Asia tech,
IJR,
XLF,
KBE,
KRE,
FINANC,
XHB,
ERIC,
AI-SECTOR
