MARKET RECAP → The S&P 500 (VOO) dropped Tuesday after President Trump threatened new tariffs on countries opposing the U.S. purchase of Greenland.

💸 SELL AMERICA, BUY GOLD → Trump’s Greenland-linked tariff threats have revived an old market theme: stocks, U.S. dollar, and Treasuries all falling as investors seek safety in gold and alternative assets — a stark reminder of geopolitical risk’s power in financial markets.

🔥 DALIO WARNS: CAPITAL WARS COMING → Ray Dalio cautions that escalation of geopolitical conflict and U.S. policy actions could push global financial dynamics toward capital displacement and weaker demand for U.S. assets — a stark signal for risk-off positioning.

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For the week beginning January 19, 2026

📉 Markets slide and U.S. assets weaken — Former President Donald Trump’s renewed tariff threats tied to his push for Greenland sparked widespread market unease, triggering a repeat of the so-called “Sell America” trade. Stocks slid sharply, the U.S. dollar weakened for the second straight day, and Treasury yields climbed as investors shunned U.S. risk assets amid heightened geopolitical and trade uncertainty.

💰 Safe havens surge — As confidence in U.S. equities and Treasury debt wavered, investors flocked to traditional safe havens. Gold jumped past record highs above $4,700 per ounce, while currencies like the euro and pound gained ground against the softening dollar. Bitcoin and other risk assets dipped as risk-off sentiment dominated trading.

🌍 Europe’s leverage and broader macro risk — The tensions have underscored a deeper structural market concern: European investors hold roughly $8 trillion in U.S. bonds and equities, giving them significant influence over global capital flows. Analysts fear that prolonged geopolitical friction could weaken confidence in U.S. assets and add to de-dollarization pressures, even as U.S. officials dismiss extreme scenarios like mass selling of Treasuries.

💣 Dalio flags risk of financial conflict: Billionaire investor and Bridgewater Associates founder Ray Dalio warned that the global economic environment could escalate beyond traditional trade disputes into “capital wars” — where foreign governments and large investors might stop financing U.S. deficits and even sell U.S. assets. Dalio made the comments on CNBC’s “Squawk Box” from the World Economic Forum in Davos, tying the risk to rising geopolitical and economic tensions.

📉 Treasuries, dollar demand could weaken: According to Dalio, if trust erodes between the U.S. and countries holding large amounts of U.S. dollars and Treasurys, those holders may be less inclined to buy U.S. debt — potentially cutting off an essential source of funding for the U.S. fiscal position. He noted historical episodes where geopolitical conflict has spilled over into capital flows and currency disputes.

🟡 Safe havens and diversification advice: Dalio suggested portfolio diversification remains vital as geopolitical and trade tensions rise. He highlighted gold as a key hedge because it typically performs well when investors lose confidence in other assets — a message that resonates given gold’s recent surge amid market jitters.

‘This is sell America’ — U.S. dollar, Treasury prices tumble and gold spikes as globe flees U.S. assets (CNBC)

Ray Dalio warns that ‘capital wars’ could follow Trump’s actions, with countries dumping U.S. assets (CNBC)

Trump threatens 200% tariff on French wines as Macron reportedly snubs ‘Board of Peace’ seat (CNBC)

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