Philip Diehl looks at the intentional devaluation of the dollar and its impacts on the economy – as well as its recent stall. He thinks it will continue to fall, which will drive gold prices higher in 2026. He thinks there is skepticism in the market about the administration’s fiscal policies and explains how that influences moves. There are also “lots of reasons” to be skeptical about easing geopolitical tensions. Philip argues that gold can return 3x vs the SPX this year.