November 03, 2025

The challenge of reducing USD exposure without sacrificing yield

9 minutes

October was a busy month for those involved in FX transactions and the vagaries of the precious metals markets. With the US Federal Reserve having started to lower rates and continuing expectations of a weakening dollar, how are investors positioning themselves as they head towards year end?

In this episode of the Beyond Markets Podcast, Bernadette Anderko sits down with Tim Gagie, Head of FX and Precious Metals Sales at Julius Baer Geneva to discuss the challenges involved in reducing dollar exposure, what alternatives look interesting and of course, the explosive performance of gold in 2025 and how volatility is providing investors with interesting opportunities.

(00:11) - Introduction

(01:22) - Adjusting to further dollar weakness

(02:31) - Is anyone actually selling the dollar?

(03:27) - USD alternatives being investigated

(04:30) - Emerging market currencies

(05:56) - The situation in silver and gold

(07:38) - What’s the key takeaway?

(08:20) - Closing remarks

For a general overview of how currency markets work, refer to our previous episode from July 2022 with Tim, titled ‘Currency matters’: https://podcasts.apple.com/podcast/currency-matters/id1552236298?i=1000568939307

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