Episode
Gold & Silver Warning: Has the US Become an Emerging Market?
- Podcast
- The Art of Investing
- Published
- Jan 30, 2026
- Duration seconds
- 4394
- Processing state
not_requested- Canonical source
- https://share.transistor.fm/s/8bc1d92e
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Summary
This week on The Art of Investing, Rich McDonald, Mark “Spice” Holden and Chris Fellingham are joined by JP Smith, veteran emerging markets strategist and former Chief Global Strategist at Pictet, for a deep dive into the forces shaping global markets, and where investors may be underestimating risk.From Russia’s 1998 crisis to China’s governance problem, US dollar fragility and the future of emerging markets, this episode blends hard market insight with frontline experience from one of the world’s most seasoned emerging markets voices.Expect history, geopolitics, sharp disagreement, and a rare behind-the-scenes look at how market crises really unfold.This Week’s Highlights:🌍 Emerging Markets in FocusWhy emerging markets have surged, and why today’s emerging markets index looks nothing like the one investors remember.🇷🇺 Lessons From RussiaJP recounts calling the 1998 Russian crisis early, and what investors consistently miss before major blow-ups.🇨🇳 China’s Governance ProblemDilution, state intervention and why earnings haven’t matched economic growth.💵 The Dollar DebateIs US dollar weakness structural, or just noise? A heated discussion on debt, politics and confidence.🏦 Central Banks & CredibilityFrom Japan’s bond market intervention to the Fed’s independence under pressure.⚠️ Tail Risks Are RisingWhy gold, silver and commodities may be signalling something markets are ignoring.Portfolio Snapshot:Weekly performance: +0.1%Total return since inception: +16.4%Top Performers (WoW): 🥇 BlackRock World Mining Trust: +4.5% 🥈 iShares S&P 500 GBP Hedged ETF: +1.7% 🥉 Vanguard FTSE 250 ETF: +1.5%Underperformers: 💷 Cash: +0.1% 📉 WisdomTree Copper ETF: –0.3% 🇮🇳 iShares MSCI India ETF: –2.6%Big Questions the Team Debate• Are emerging markets finally investable again, or jus…