Photographer: Chris J. Ratcliffe/Bloomberg US Commerce Secretary Howard Lutnick told the elites gathered in Davos that the Trump administration believes globalization is “a failed policy” that left America behind. A day later, his boss, President Donald Trump, predicted the US stock market would double from records he openly took credit for. There’s a stark tension lurking between the lines spoken by the two American billionaires: Foreign investors have had an insatiable appetite for US stocks over rece ...

There’s been an ongoing general diversification away from US assets, especially by global central banks, according to Ray Dalio, the founder of hedge fund firm Bridgewater Associates. “When you look at gold being up 67%, it’s not a precious metal that goes up 60%,” Dalio told Bloomberg Television’s Francine Lacqua in Davos on Thursday. “It was bought by central banks particularly, but others, and in order to diversify fiat currencies, not just dollars.” Most Read from Bloomberg Weighing in on global te ...