Bloomberg Surveillance · Friday, August 14, 2026
Gold has been in a bull market for 25 years, serving as a crucial defensive asset in investment portfolios, according to Mike Wilson, Chief US Equity Strategist at Morgan Stanley. While it may have acted like a meme stock earlier in the year, its primary role is to provide a hedge against inflation and market volatility. Wilson advocates for reducing fixed-income duration while still maintaining some allocation to gold and other alternatives.
“So there are other types of investments you were mentioning earlier, gold or maybe even bitcoin or some of these things that can defend against inflation. So we've been a very big advocate of gold, not so much as a yielding instrument, but as a defensive asset.”
“Well, I would say that gold has been in a bowl market for twenty five years.”
“For this year, I would say, we've had basically one big commodity rotation, so coming into this year. If you remember, at the end of last year, the FED started printing money again right with this reserve management program, and that led directly to gold and silver stacks taking off.”