Ruburns Flanquin

For years, US assets came with dollar support during volatility, helping cushion losses on stocks and bonds once converted into investors' home currencies.
Now investors are questioning that assumption as political pressure on the central bank raises concerns that currency policy could reflect Washington preferences, not economic fundamentals.
At the same time, hedging costs fell to some of their lowest levels in years, even as the dollar slipped ~2% in the current quarter.
Because many pensions and global portfolios are heavily weighted to US assets, families may carry meaningful dollar exposure without ever choosing it directly.
With protection currently inexpensive, families can review how much dollar exposure is hedged before policy choices force a more urgent decision later.

USA Dollar Trust Is Being Tested

In the US, investors used gold ETFs to diversify, hedge currency weakness or inflation, seek safety during volatility, or simply speculate on higher gold prices.
Through Mid-Q3 2026, eight US gold ETFs held >$1B each, and the broader category reached $276B as interest and performance strengthened recently.
All eight larger US funds used grantor-trust structures and held physical gold, which US tax rules treated as collectibles with maximum long-term gains near ~28%.
Because every fund held physical gold, investors mainly compared fees and trading costs; lower fees helped buy-and-hold owners, while tighter spreads favored frequent traders.
For most investors, one lower-cost mini-share fund balanced low fees with low trading costs, while larger frequent traders could benefit from deeper liquidity.