Key Takeaways Fears of de-dollarization are growing. Peter Schiff has issued a stark warning that the U.S. dollar is getting “crushed.” However, some analysts noted that the metals rally may face short-term pullbacks. Economist Peter Schiff has warned of a weakening U.S. economy as gold and silver prices surged to record highs over the weekend, intensifying debate over whether confidence in the U.S. dollar is beginning to erode. While most economists maintain that the dollar remains deeply entren ...

Core Insights - Florida Governor Ron DeSantis criticized U.S. monetary policy, linking the historic rise of silver prices to instability in the dollar [1][2] - DeSantis's comments reflect a broader trend of de-dollarization, with investors seeking alternatives to the U.S. dollar amid concerns over its stability [4] Silver Market Analysis - Silver futures for March 2026 reached a record high of $103.405, marking a 7.3% increase [2] - On the same day, silver futures closed at $101.33, up 5.15% for the day and 9.73% over the past five days, with a 52-week price range of $29.62 to $103.53 [5] Precious Metals ETFs Performance - Significant gains were observed in precious metals ETFs, with SPDR Gold Trust (NYSE:GLD) increasing by 1.37%, US Global GO GOLD and Precious Metal Miners ETF (NYSE:GOAU) rising by 1.82%, and abrdn Physical Silver Shares ETF (NYSE:SIVR) up by 6.64% [5] Legislative Context - In 2025, DeSantis signed legislation making gold and silver legal tender in Florida, effective July 1, and exempting these metals from sales tax [3]

Core Insights - The company is preparing to release its top investment picks for 2026, emphasizing the timeliness of joining to access these opportunities [1] - Significant resources are allocated to research, with an investment of over $100,000 annually to identify profitable investment strategies [1] - The company has received approximately 200 five-star reviews from satisfied members, indicating a positive reception and effectiveness of its investment approach [2]

Core Insights - A significant shift in investor sentiment is observed as capital flows from the U.S. dollar into gold and Bitcoin, raising concerns among financial leaders [1][8] - Both gold and Bitcoin have reached all-time highs, with gold priced at $3,900 per ounce and Bitcoin surpassing $126,000 [2][8] Market Dynamics - Gold has historically served as a safe haven during market stress, with its recent rise attributed to expectations of a Federal Reserve rate cut and geopolitical uncertainties [3] - Bitcoin is increasingly viewed as a digital equivalent to gold, benefiting from its scarcity and accessibility, which positions it as a vital asset in modern investment portfolios [6] De-Dollarization Trends - The decline of the dollar's dominance in global trade is accelerating, with more countries opting for local currencies or digital assets for cross-border transactions [5] - Analysts suggest that the current macroeconomic conditions are driving investors towards scarce, non-sovereign assets like Bitcoin and gold, indicating a potential long-term shift in capital markets [9] Future Outlook - Bitcoin's momentum is expected to continue, with analysts noting minimal technical barriers to further price increases [9] - The combination of gold and Bitcoin is becoming a focal point in what is termed a global "debasement trade," reflecting a growing skepticism towards the U.S. dollar [9]

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the **CNH bond market** and its recent trends, particularly focusing on the **Asia credit market** and the **Hong Kong property sector**. Core Insights and Arguments 1. **Carry Motives and Market Conditions**: The Asia credit market is currently characterized by a search for carry motives, with credit spreads tightening and a favorable "Summer Goldilocks" environment expected to persist. Maintaining hedges is advised due to lower volatility across global risk assets [1][6][4]. 2. **CNH Bond Issuance Trends**: - As of June, there were **RMB 1.4 trillion** of CNH bonds outstanding, with **50%** issued by financials, **19%** by sovereign and quasi-sovereign entities, and **31%** from corporates [2][11]. - The CNH bond market has seen a resurgence in issuance since **2021**, driven by lower rates in China, higher USD rates, and increased interest in local currency bonds due to "De-Dollarization" [10][11]. - The average annual issuance from **2022 to 2024** was **RMB 643 billion**, significantly higher than the **RMB 195 billion** from **2015 to 2021** [11]. 3. **Issuer Composition**: - **80%** of bonds issued in 2025 were from Mainland China issuers, indicating a concentration in the market. However, the market is maturing with a rise in longer-dated issuances [5][16]. - Corporate issuance has increased from **7%** in **2021** to **34%** in **2024**, reflecting a shift in the type of issuers [21][24]. 4. **Hong Kong Property Market**: - The Hong Kong property market is showing early signs of stabilization after seven years of decline, with rising rents and falling interest rates providing confidence for future price increases starting in **2026** [7][4]. - HK BBB subordinated bank debts are viewed as attractive investments due to the expected recovery in the property sector [7]. 5. **Investment Preferences**: - Preference for **front-end BBB** and **7-10 year A** rated securities, particularly bank capital securities over corporates. Specific interest in HK Property BBB and HK subordinated bank capital is noted [8][9]. - In the high-yield segment, preference is given to **BB rated** bonds, especially from India and Indonesia, with a focus on China BB corporates [9]. Additional Important Insights - The CNH bond market is becoming more diversified, with a notable increase in non-rated issuers, reflecting the rise in corporate issuance [21]. - The maturity profile of new issuances is lengthening, with only **43%** of new issuances having a maturity of less than **3 years** in 2025, down from **75%** in 2021 [16][20]. - The report emphasizes that investors should consider these insights as part of a broader investment strategy, highlighting the importance of market conditions and issuer diversification [3]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the current state and trends in the CNH bond market and the Asia credit landscape.