De-risking Commodities

Portfolio Changes to Reduce Metals Exposure

Jan 30, 2026

∙ Paid

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We enter a pullback…but we also just got started. Timeframes matter.

The Dollar

The 15 year uptrend in the trade-weighted Dollar is hanging by a thread but we did save the breakdown horizontally which matters for now.

That bounce was a big deal to close the month. It makes FEB very important for the DXY and of course Passport stocks.

The Scoreboard

The US is now beating 7 countries but badly underperforming a couple dozen others. Indonesia is now the worst on the year but we think they likely fix their issues MSCI raised.

Interesting Data

Australia - EWA 0.00%↑

Getting warm in here…

Mexico - EWW 0.00%↑

Impressive.

Australia - EWA 0.00%↑

Trimmed mean inflation in Australia bouncing well north of the old range. Folks not only do not see hikes but more cutting yet so the next print sure matters.