Gold Doesn't Need Dollar Collapse for Gains, Says Santiago Capital Founder

Brent Johnson, founder of Santiago Capital and author of the 'Dollar Milkshake' thesis, challenges the conventional wisdom that gold and the dollar are mortal enemies. He argues that investors should focus on how the global economy actually works rather than idealizing what it should be.

In his framework, the dollar and gold can rise together. Johnson points out that the global economy is built around the dollar not because of its financial strength, but because other major countries have their own debt, demographic, political, or market constraints.

Gold's recent strength contradicts a core assumption of the doom narrative: that bullion requires currency failure to rally. Since the global financial crisis, the dollar index has strengthened while gold has multiplied in price.