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Macro EconomyMedium•13 February 2026•

1 min read

Einhorn: US Dollar in Decline, Gold Emerging as Preferred Reserve Asset

An older Black man in a red cap and glasses stands between the Nigerian and UK flags, with gold bars, coins, and banknotes in the foreground. Cityscapes and financial charts with upward and downward a

David Einhorn, the prominent hedge fund manager at Greenlight Capital, asserts that the U.S. dollar is experiencing a notable decline. Einhorn suggests that gold is increasingly becoming the preferred reserve asset globally, driven by a shift in central bank preferences. He observes that global central banks are losing their preference for the dollar, reflecting a potential re-evaluation of traditional reserve assets. His long-standing skepticism towards the dollar underpins this view, anticipating further changes in the international monetary system. Such a shift could significantly impact currency markets, particularly the DXY, and boost demand for XAU/USD.