Dollar volatility exceeds U.S. stocks, gold prices approach the 4000 mark, and the "dollar depreciation trade" is in full swing

Wallstreetcn
2025.10.08 00:10
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In the past month, the volatility of the US dollar has been greater than that of the S&P 500 index. As Goldman Sachs' Brian Garrett pointed out, this has happened twice in the past 7 years (December 2023 and July 2025). "Going long on gold" ... "Going long on Bitcoin" ... "Going long on stocks" ... are everyone's favorite trading lists; but as Garrett emphasized, these all seem to equate to "shorting the dollar."

In the past month, the volatility of the US dollar has been greater than that of the S&P 500 index. As Goldman Sachs' Brian Garrett pointed out, this has occurred twice in the past 7 years (December 2023 and July 2025).

"Long on gold" ... "Long on Bitcoin" ... "Long on stocks" ... is everyone's favorite trading checklist; but as Garrett emphasized, these all seem to equate to "shorting the dollar."