Cathie Wood warns of late-cycle risk in gold; spot falls 2.60% on January 30, 2026

On January 30, 2026, ARK Invest CEO Cathie Wood said gold appears stretched at late-cycle levels and could retreat if the U.S. dollar strengthens. She cited a gold-to-M2 ratio at historic extremes and U.S. 10-year yields around 4.2%. Robin Brooks argued central bank buying is overstated and recent gains look like retail-driven speculation.