{"id":848,"date":"2026-08-14T21:18:09","date_gmt":"2026-08-14T21:18:09","guid":{"rendered":"https:\/\/goldsilverdesk.com\/news\/?p=848"},"modified":"2026-08-14T21:18:12","modified_gmt":"2026-08-14T21:18:12","slug":"gold-mcclellan-warns-investors-to-expect-a-lot-more-downside-in-us-dollar","status":"publish","type":"post","link":"https:\/\/goldsilverdesk.com\/news\/gold-mcclellan-warns-investors-to-expect-a-lot-more-downside-in-us-dollar\/","title":{"rendered":"GOLD: McClellan Warns Investors to Expect a Lot More Downside in US Dollar"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">August 13,2026<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"840\" height=\"389\" src=\"https:\/\/i0.wp.com\/goldsilverdesk.com\/news\/wp-content\/uploads\/2026\/08\/more-downside-in-the-US-Dollar-8-14-26.jpg?resize=840%2C389&#038;ssl=1\" alt=\"\" class=\"wp-image-849\" srcset=\"https:\/\/i0.wp.com\/goldsilverdesk.com\/news\/wp-content\/uploads\/2026\/08\/more-downside-in-the-US-Dollar-8-14-26.jpg?w=864&amp;ssl=1 864w, https:\/\/i0.wp.com\/goldsilverdesk.com\/news\/wp-content\/uploads\/2026\/08\/more-downside-in-the-US-Dollar-8-14-26.jpg?resize=300%2C139&amp;ssl=1 300w, https:\/\/i0.wp.com\/goldsilverdesk.com\/news\/wp-content\/uploads\/2026\/08\/more-downside-in-the-US-Dollar-8-14-26.jpg?resize=768%2C356&amp;ssl=1 768w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><figcaption class=\"wp-element-caption\"><strong>This has the potential to create a lot of movement in the gold and silver markets as McClellan warns investors to expect a lot more downside in the US dollar.<\/strong><\/figcaption><\/figure>\n<\/div>\n\n\n<p class=\"has-bright-red-color has-text-color has-link-color has-medium-font-size wp-elements-14f20bc60ad72c507186272af79a1a33 wp-block-paragraph\"><strong><strong>Gold Bull Catalyst<\/strong><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>August 13 (KWN) \u2013&nbsp;Tom McClellan:&nbsp;&nbsp;The US Dollar Index (DXY) fell last week on the coordinated US-Japan intervention in the yen. The drop took the DXY back below the 100.50 support\/resistance level, marking the move above that level as a failed breakout.<\/strong><br><br><strong>Commercial traders of Dollar Index futures responded this week (COT Report data) by actually upping their collective net short position. If you look back at other price tops in this chart,&nbsp;you may notice that when the commercials do this, adding shorts after the downturn, it means that there is a lot more downturn yet to come for the DXY.<\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center has-bright-blue-color has-text-color has-link-color has-medium-font-size wp-elements-ae24aa2a315d314cd4c62cf9f34b53d4 wp-block-paragraph\"><strong>KWN NOTE: McClellan\u2019s Fantastic Chart and Commentary Strongly Suggests Much More Downside for The US Dollar<\/strong><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-medium is-resized\"><a href=\"https:\/\/i0.wp.com\/s43022.pcdn.co\/wp-content\/uploads\/2026\/08\/King-World-News-XIV-8132026.jpg?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"173\" src=\"https:\/\/i0.wp.com\/goldsilverdesk.com\/news\/wp-content\/uploads\/2026\/08\/more-downside-in-the-US-Dollar-2-8-14-26.jpg?resize=300%2C173&#038;ssl=1\" alt=\"\" class=\"wp-image-850\" style=\"aspect-ratio:1.734327009936766;object-fit:cover;width:600px\" srcset=\"https:\/\/i0.wp.com\/goldsilverdesk.com\/news\/wp-content\/uploads\/2026\/08\/more-downside-in-the-US-Dollar-2-8-14-26.jpg?resize=300%2C173&amp;ssl=1 300w, https:\/\/i0.wp.com\/goldsilverdesk.com\/news\/wp-content\/uploads\/2026\/08\/more-downside-in-the-US-Dollar-2-8-14-26.jpg?resize=1024%2C591&amp;ssl=1 1024w, https:\/\/i0.wp.com\/goldsilverdesk.com\/news\/wp-content\/uploads\/2026\/08\/more-downside-in-the-US-Dollar-2-8-14-26.jpg?resize=768%2C443&amp;ssl=1 768w, https:\/\/i0.wp.com\/goldsilverdesk.com\/news\/wp-content\/uploads\/2026\/08\/more-downside-in-the-US-Dollar-2-8-14-26.jpg?resize=1200%2C692&amp;ssl=1 1200w, https:\/\/i0.wp.com\/goldsilverdesk.com\/news\/wp-content\/uploads\/2026\/08\/more-downside-in-the-US-Dollar-2-8-14-26.jpg?w=1390&amp;ssl=1 1390w\" sizes=\"auto, (max-width: 300px) 85vw, 300px\" \/><\/a><\/figure>\n<\/div>\n\n\n<p class=\"has-bright-red-color has-text-color has-link-color has-medium-font-size wp-elements-e5487aadb9faf5b1c959161702f5a86e wp-block-paragraph\"><strong>US Strategic Petroleum Reserves Continue to Collapse<\/strong><\/p>\n\n\n\n<p class=\"has-dark-gray-color has-text-color has-link-color wp-elements-caaf654611ef175c9fdd372184dc0485 wp-block-paragraph\"><strong>Ole Hansen, Head of Commodity Strategy at SaxoBank:&nbsp;&nbsp;Takeaways from the EIA\u2019s weekly inventory report:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>US crude inventories jumped by 17.4 million barrels, the largest weekly increase since January 2023, driven by a 1.1 mb\/d surge in imports and exports falling to 3 mb\/d, a November low, after the temporary reopening of the Strait of Hormuz in June boosted global crude availability. In addition, another 6.1 million barrels were released from the Strategic Petroleum Reserve,&nbsp;bringing total SPR releases since the start of the Middle East war to 117 million barrels.<\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center has-bright-blue-color has-text-color has-link-color has-medium-font-size wp-elements-46a83a393d1c021ce4b47364e0155b6c wp-block-paragraph\"><strong>KING WORLD NEWS NOTE:&nbsp;<strong>US Strategic Petroleum Reserves Continue To Collapse \u2013 Lowest Level In Nearly 50 Years<\/strong><\/strong><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-medium is-resized\"><a href=\"https:\/\/i0.wp.com\/s43022.pcdn.co\/wp-content\/uploads\/2026\/08\/King-World-News-XII-8132026.jpg?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"183\" src=\"https:\/\/i0.wp.com\/goldsilverdesk.com\/news\/wp-content\/uploads\/2026\/08\/more-downside-in-the-US-Dollar-3-8-14-26.jpg?resize=300%2C183&#038;ssl=1\" alt=\"\" class=\"wp-image-851\" style=\"aspect-ratio:1.6393988557766204;object-fit:cover;width:600px\" srcset=\"https:\/\/i0.wp.com\/goldsilverdesk.com\/news\/wp-content\/uploads\/2026\/08\/more-downside-in-the-US-Dollar-3-8-14-26.jpg?resize=300%2C183&amp;ssl=1 300w, https:\/\/i0.wp.com\/goldsilverdesk.com\/news\/wp-content\/uploads\/2026\/08\/more-downside-in-the-US-Dollar-3-8-14-26.jpg?resize=768%2C469&amp;ssl=1 768w, https:\/\/i0.wp.com\/goldsilverdesk.com\/news\/wp-content\/uploads\/2026\/08\/more-downside-in-the-US-Dollar-3-8-14-26.jpg?w=946&amp;ssl=1 946w\" sizes=\"auto, (max-width: 300px) 85vw, 300px\" \/><\/a><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><strong>US crude production held steady, while refinery demand remained robust. Diesel exports reached a fresh record of 2 mb\/d, highlighting continued tightness in the global middle-distillate market, while implied domestic fuel demand held up despite elevated prices\u2026<\/strong><\/p>\n\n\n\n<p class=\"has-bright-red-color has-text-color has-link-color has-medium-font-size wp-elements-46b072fea37da68d971ee54f9b3d5577 wp-block-paragraph\"><strong>ANOTHER GOLD BULL CATALYST: Inflation<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Ole Hansen, Head of Commodity Strategy at SaxoBank:&nbsp;&nbsp;Following a brief lull last month, triggered by the temporary reopening of the Strait of Hormuz and before renewed Red Sea shipping risks emerged, global container rates have resumed their ascent into August. The Drewry World Container Index rose another 1% this week to USD 4,338 per 40-foot container, leaving rates 85% higher year-on-year and up 96% since the start of the year.<\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center has-bright-blue-color has-text-color has-link-color has-medium-font-size wp-elements-c6d09ec1fd2bc6fa782957979f0ce333 wp-block-paragraph\"><strong>KING WORLD NEWS NOTE: Expect&nbsp;<strong>More \u201cTransitory\u201d Inflation As Transport Costs Continue To Soar<\/strong><\/strong><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-medium is-resized\"><a href=\"https:\/\/i0.wp.com\/s43022.pcdn.co\/wp-content\/uploads\/2026\/08\/King-World-News-X-8132026.jpg?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"189\" src=\"https:\/\/i0.wp.com\/goldsilverdesk.com\/news\/wp-content\/uploads\/2026\/08\/more-downside-in-the-US-Dollar-4-8-14-26.jpg?resize=300%2C189&#038;ssl=1\" alt=\"\" class=\"wp-image-853\" style=\"aspect-ratio:1.5873501446878875;width:600px\" srcset=\"https:\/\/i0.wp.com\/goldsilverdesk.com\/news\/wp-content\/uploads\/2026\/08\/more-downside-in-the-US-Dollar-4-8-14-26.jpg?resize=300%2C189&amp;ssl=1 300w, https:\/\/i0.wp.com\/goldsilverdesk.com\/news\/wp-content\/uploads\/2026\/08\/more-downside-in-the-US-Dollar-4-8-14-26.jpg?resize=1024%2C646&amp;ssl=1 1024w, https:\/\/i0.wp.com\/goldsilverdesk.com\/news\/wp-content\/uploads\/2026\/08\/more-downside-in-the-US-Dollar-4-8-14-26.jpg?resize=768%2C484&amp;ssl=1 768w, https:\/\/i0.wp.com\/goldsilverdesk.com\/news\/wp-content\/uploads\/2026\/08\/more-downside-in-the-US-Dollar-4-8-14-26.jpg?resize=1200%2C757&amp;ssl=1 1200w, https:\/\/i0.wp.com\/goldsilverdesk.com\/news\/wp-content\/uploads\/2026\/08\/more-downside-in-the-US-Dollar-4-8-14-26.jpg?w=1364&amp;ssl=1 1364w\" sizes=\"auto, (max-width: 300px) 85vw, 300px\" \/><\/a><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><strong>The renewed increase is far from uniform, however, with the latest strength heavily concentrated on the Shanghai\u2013New York route. As one of the world\u2019s longest major container lanes, it is particularly exposed to higher fuel costs, longer voyage times and disruption-related surcharges. Rates on the route jumped 10% this week to a two-year high and are now up 164% year-to-date.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>By contrast, Europe-bound rates have softened, highlighting how the current surge is increasingly route-specific rather than a broad-based rise in global freight costs. The divergence also underlines the uneven impact of Middle East shipping disruptions, with longer Asia\u2013US East Coast routes carrying a particularly large risk and fuel premium.<\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-dark-gray-color has-alpha-channel-opacity has-dark-gray-background-color has-background is-style-wide\"\/>\n","protected":false},"excerpt":{"rendered":"<p>August 13,2026 Gold Bull Catalyst August 13 (KWN) \u2013&nbsp;Tom McClellan:&nbsp;&nbsp;The US Dollar Index (DXY) fell last week on the coordinated US-Japan intervention in the yen. The drop took the DXY back below the 100.50 support\/resistance level, marking the move above that level as a failed breakout. Commercial traders of Dollar Index futures responded this week &hellip; <a href=\"https:\/\/goldsilverdesk.com\/news\/gold-mcclellan-warns-investors-to-expect-a-lot-more-downside-in-us-dollar\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;GOLD: McClellan Warns Investors to Expect a Lot More Downside in US Dollar&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-848","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.6.1 (Yoast SEO v28.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>GOLD: McClellan Warns Investors to Expect a Lot More Downside in US Dollar - Gold Silver Desk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/goldsilverdesk.com\/news\/gold-mcclellan-warns-investors-to-expect-a-lot-more-downside-in-us-dollar\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GOLD: McClellan Warns Investors to Expect a Lot More Downside in US Dollar\" \/>\n<meta property=\"og:description\" content=\"August 13,2026 Gold Bull Catalyst August 13 (KWN) \u2013&nbsp;Tom McClellan:&nbsp;&nbsp;The US Dollar Index (DXY) fell last week on the coordinated US-Japan intervention in the yen. The drop took the DXY back below the 100.50 support\/resistance level, marking the move above that level as a failed breakout. 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Gold Silver Desk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/goldsilverdesk.com\/news\/gold-mcclellan-warns-investors-to-expect-a-lot-more-downside-in-us-dollar\/","og_locale":"en_US","og_type":"article","og_title":"GOLD: McClellan Warns Investors to Expect a Lot More Downside in US Dollar","og_description":"August 13,2026 Gold Bull Catalyst August 13 (KWN) \u2013&nbsp;Tom McClellan:&nbsp;&nbsp;The US Dollar Index (DXY) fell last week on the coordinated US-Japan intervention in the yen. The drop took the DXY back below the 100.50 support\/resistance level, marking the move above that level as a failed breakout. Commercial traders of Dollar Index futures responded this week &hellip; Continue reading \"GOLD: McClellan Warns Investors to Expect a Lot More Downside in US Dollar\"","og_url":"https:\/\/goldsilverdesk.com\/news\/gold-mcclellan-warns-investors-to-expect-a-lot-more-downside-in-us-dollar\/","og_site_name":"Gold Silver Desk","article_published_time":"2026-08-14T21:18:09+00:00","article_modified_time":"2026-08-14T21:18:12+00:00","og_image":[{"url":"https:\/\/goldsilverdesk.com\/news\/wp-content\/uploads\/2026\/08\/more-downside-in-the-US-Dollar-8-14-26.jpg","type":"","width":"","height":""}],"author":"david@goldsilverdesk.com","twitter_card":"summary_large_image","twitter_misc":{"Written by":"david@goldsilverdesk.com","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/goldsilverdesk.com\/news\/gold-mcclellan-warns-investors-to-expect-a-lot-more-downside-in-us-dollar\/#article","isPartOf":{"@id":"https:\/\/goldsilverdesk.com\/news\/gold-mcclellan-warns-investors-to-expect-a-lot-more-downside-in-us-dollar\/"},"author":{"name":"david@goldsilverdesk.com","@id":"https:\/\/goldsilverdesk.com\/news\/#\/schema\/person\/7985cc77bfb2b705aec4b5dd3e07c748"},"headline":"GOLD: McClellan Warns Investors to Expect a Lot More Downside in US Dollar","datePublished":"2026-08-14T21:18:09+00:00","dateModified":"2026-08-14T21:18:12+00:00","mainEntityOfPage":{"@id":"https:\/\/goldsilverdesk.com\/news\/gold-mcclellan-warns-investors-to-expect-a-lot-more-downside-in-us-dollar\/"},"wordCount":520,"image":{"@id":"https:\/\/goldsilverdesk.com\/news\/gold-mcclellan-warns-investors-to-expect-a-lot-more-downside-in-us-dollar\/#primaryimage"},"thumbnailUrl":"https:\/\/goldsilverdesk.com\/news\/wp-content\/uploads\/2026\/08\/more-downside-in-the-US-Dollar-8-14-26.jpg","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/goldsilverdesk.com\/news\/gold-mcclellan-warns-investors-to-expect-a-lot-more-downside-in-us-dollar\/","url":"https:\/\/goldsilverdesk.com\/news\/gold-mcclellan-warns-investors-to-expect-a-lot-more-downside-in-us-dollar\/","name":"GOLD: McClellan Warns Investors to Expect a Lot More Downside in US Dollar - Gold Silver Desk","isPartOf":{"@id":"https:\/\/goldsilverdesk.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/goldsilverdesk.com\/news\/gold-mcclellan-warns-investors-to-expect-a-lot-more-downside-in-us-dollar\/#primaryimage"},"image":{"@id":"https:\/\/goldsilverdesk.com\/news\/gold-mcclellan-warns-investors-to-expect-a-lot-more-downside-in-us-dollar\/#primaryimage"},"thumbnailUrl":"https:\/\/goldsilverdesk.com\/news\/wp-content\/uploads\/2026\/08\/more-downside-in-the-US-Dollar-8-14-26.jpg","datePublished":"2026-08-14T21:18:09+00:00","dateModified":"2026-08-14T21:18:12+00:00","author":{"@id":"https:\/\/goldsilverdesk.com\/news\/#\/schema\/person\/7985cc77bfb2b705aec4b5dd3e07c748"},"breadcrumb":{"@id":"https:\/\/goldsilverdesk.com\/news\/gold-mcclellan-warns-investors-to-expect-a-lot-more-downside-in-us-dollar\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/goldsilverdesk.com\/news\/gold-mcclellan-warns-investors-to-expect-a-lot-more-downside-in-us-dollar\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/goldsilverdesk.com\/news\/gold-mcclellan-warns-investors-to-expect-a-lot-more-downside-in-us-dollar\/#primaryimage","url":"https:\/\/i0.wp.com\/goldsilverdesk.com\/news\/wp-content\/uploads\/2026\/08\/more-downside-in-the-US-Dollar-8-14-26.jpg?fit=864%2C400&ssl=1","contentUrl":"https:\/\/i0.wp.com\/goldsilverdesk.com\/news\/wp-content\/uploads\/2026\/08\/more-downside-in-the-US-Dollar-8-14-26.jpg?fit=864%2C400&ssl=1","width":864,"height":400},{"@type":"BreadcrumbList","@id":"https:\/\/goldsilverdesk.com\/news\/gold-mcclellan-warns-investors-to-expect-a-lot-more-downside-in-us-dollar\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/goldsilverdesk.com\/news\/"},{"@type":"ListItem","position":2,"name":"GOLD: McClellan Warns Investors to Expect a Lot More Downside in US Dollar"}]},{"@type":"WebSite","@id":"https:\/\/goldsilverdesk.com\/news\/#website","url":"https:\/\/goldsilverdesk.com\/news\/","name":"Gold Silver Desk","description":"News &amp; 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