TREE NEWS reports: The dollar outperformed other haven assets in October while gold and bitcoin weakened, Bloomberg columnist Jonathan Levin wrote. Levin said geopolitical and political risks persist, including unrest in France over its fiscal position, potential political shifts in the US and Israel, the Iran war, attacks on tankers in the Strait of Hormuz, and Houthi strikes on Saudi Arabia. He argued the “dollar debasement trade” championed by Bridgewater’s Ray Dalio and Citadel’s Ken Griffin may be over.
Dollar Best Haven in October as Gold, Bitcoin Weaken: Bloomberg Columnist
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AI take
Levin's column is notable less for October's price action than for its challenge to the dollar-debasement thesis that has underpinned part of the case for gold and bitcoin as hedges. If a prominent commentator is calling that trade over while geopolitical and fiscal risks persist, it suggests haven demand is being routed toward the dollar rather than alternative stores of value. Whether that rotation holds through the risks Levin lists is the open question, and it matters for how allocators frame non-dollar hedges.
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