The Confluence Mailbag – Money, Market Risks, and Investing in a Multipolar World (12/29/25)

Bill O’Grady and Mark Keller close out the final episode of the year by examining some key factors shaping markets heading into 2026 — from China’s growing gold purchases and efforts to build an alternative to the dollar system, to what a more dovish Fed could mean for the dollar and bonds. They discuss the risk of earnings disappointment next year, the importance of maintaining investment discipline amid market temptations, and their outlook for hard assets in a world shifting toward a multipolar global order.To have your question answered in a future episode, email: [email protected].