Gold, AUD and the dollar debasement trade – is the era of USD dominance really over?

Gold, AUD and the dollar debasement trade – is the era of USD dominance really over?

February 3, 2026 · 31 min · Episode 259

About this episode

The episode discusses the implications of the US dollar's decline and the rising gold market with insights from NAB's Head of FX Strategy, Ray Attrill.

While the US dollar has been under pressure, gold has soared to record highs, and pundits are thinking about a world order that is no longer US centric. So how likely is this scenario, and what does it mean for investors? Nab’s Head of FX Strategy, Ray Attrill, joins the podcast to discuss: Why de-dollarisation is just noise in the short term, BUT What the extraordinary appetite for gold may be telling us The implications of new Fed Chair Kevin Warsh, and The key conditions that would see a dramatic change in financial outlook for the dollar, commodities and more. You can access this and previous episodes of the Your Wealth podcast now on iTunes, Podbean, Spotify or at nabtrade.com.au/yourwealth. If you’re short on time, consider listening at 1.5-2x speed, which should be shown on the screen of your device as you listen. This won’t just reduce your listening time; it has also been shown to improve knowledge retention.

People in this episode

Guest: Ray Attrill

Topics covered

Keywords

Mentioned in this episode

Organizations: NAB, Federal Reserve

Products: gold, USD, AUD

Places: US

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