Dollar weakness fuels metals rally as crypto lags global markets

Watch on YouTube ↗  |  January 29, 2026 at 15:15  |  5:06  |  CNBC
Speakers
Joyce Chang — Global Head of Research, JPMorgan
Michelle Caruso-Cabrera — CEO of MCC Global Enterprises
Tom Lee — Managing Partner & Head of Research, Fundstrat

Summary

A CNBC panel discussed dollar weakness, the debasement trade, and the powerful rally in precious and industrial metals. Joyce Chang expects the bearish dollar trend to persist and sees further upside in gold, while Tom Lee says crypto has lagged but may follow gold higher. Michelle Caruso-Cabrera reported optimism on the U.S. economy and emerging markets, especially Latin America, from a business-credit conference.

  • Joyce Chang says de-dollarization talk is exaggerated but the bearish dollar trade is here to stay.
  • Gold and silver have rallied sharply, with debate over debasement versus momentum.
  • Joyce Chang cites allocation math suggesting gold could reach $6,000-$8,000.
  • Tom Lee says crypto has been hurt by deleveraging but historically follows big gold moves.
  • Michelle Caruso-Cabrera reports business-credit conference optimism on the U.S. economy and EM/LatAm.
  • Industrial metals like copper and zinc are also moving, partly on data-center demand.
Ideas
Joyce Chang Global Head of Research, JPMorgan 0:30
Bearish dollar trade here to stay
She dismisses talk of a Davos accord and de-dollarization as exaggerated, but says the weaker-dollar/bearish-dollar trade is here to stay because the cycle is procyclical, global growth trends are improving, the Fed is on hold, and there are upside risks to global growth forecasts.
UUP HIGH
Michelle Caruso-Cabrera CEO of MCC Global Enterprises 2:04
EM and Latin America optimism persists
Last year was a great year for emerging markets because of dollar weakness and lower U.S. interest rates; the business-credit conference audience expects that to continue into 2026, creating optimism for emerging markets, particularly Latin America.
EEM Latin America MED
Joyce Chang Global Head of Research, JPMorgan 4:19
Gold allocations can drive $8,000
JPMorgan work shows a half-percentage-point increase in private investors' gold allocations could take gold to $6,000, and if allocations rise from about 3% to 4.5%, gold could reach $8,000 over the next couple of years, supported by diversification demand and buying from private investors and emerging-market central banks.
GLD HIGH
Tom Lee Managing Partner & Head of Research, Fundstrat 4:52
Data centers lift copper and zinc
Industrial demand for metals is increasing beyond gold and silver, with copper and zinc moving as part of the broad metals rally, partly driven by the huge buildout of data centers.
COPPER DBB LOW
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This CNBC video, published January 29, 2026, features Joyce Chang, Michelle Caruso-Cabrera, Tom Lee discussing UUP, EEM, Latin America, GLD, COPPER, DBB. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Joyce Chang, Michelle Caruso-Cabrera, Tom Lee  · Tickers: UUP, EEM, Latin America, GLD, COPPER, DBB