Gold Has Been in Bull Market for 25 Years, Wilson Says

Watch on YouTube ↗  |  August 14, 2026 at 17:24  |  4:10  |  Bloomberg Markets
Speakers
Mike Wilson — Chief Investment Officer, Morgan Stanley

Summary

Mike Wilson discusses portfolio defense, gold's 25-year bull market, and a Fed-driven commodity rotation. He argues investors should stay invested in equities, use gold as a defensive asset, and reduce fixed-income duration. He sees commodity-like assets such as gold/silver stocks, rare earths, energy stocks, and semiconductors as ways to offset equity risk.

  • Wilson says the market underestimated the strength of the earnings recovery and AI CapEx durability.
  • He recommends dollar-cost averaging and staying fully invested in diversified equities.
  • Stocks and bonds are more correlated, reducing traditional diversification.
  • Gold is advocated as a defensive asset and has been in a 25-year bull market.
  • He advises reducing duration within fixed-income portfolios.
  • A Fed reserve-driven commodity rotation has lifted gold/silver stocks, rare earths, energy stocks, and semiconductors.
  • Commodity-like assets may offset equity-like risk.
Ideas
Mike Wilson Chief Investment Officer, Morgan Stanley 1:56
Stay invested in diversified equities.
Wilson argues long-term investors should avoid being shaken out at market tops and bottoms, and that chasing stocks is as damaging as selling at the bottom. He advocates dollar-cost averaging and staying fully invested in diversified portfolios, noting 2022 rewarded investors who stayed invested and restored faith in equities.
Equities MED
Mike Wilson Chief Investment Officer, Morgan Stanley 2:57
Gold as portfolio defensive asset.
Wilson says stocks and bonds are now more closely correlated and no longer provide the same natural diversification. He has been a strong advocate of gold as a defensive asset rather than a yielding instrument, viewing it as an inflation defense that can protect portfolios when traditional assets struggle.
GLD HIGH
Mike Wilson Chief Investment Officer, Morgan Stanley 3:05
Reduce duration in fixed income.
Wilson says investors should not abandon fixed income but should reduce duration to make the fixed income allocation more valuable and retain diversification without taking too much duration risk.
SHY MED
Mike Wilson Chief Investment Officer, Morgan Stanley 3:26
Commodity rotation: metals, energy, semiconductors.
Wilson says gold has been in a 25-year bull market and is a good place to gravitate toward this year. He describes a Fed reserve-driven commodity rotation that began with gold and silver stocks taking off, then moved through rare earths and metal stocks, energy stocks, and semiconductors, reflecting demand for commodity-like assets to offset equity-like risk.
Metal stocks SMH Silver stocks REMX XLE GDX HIGH
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This Bloomberg Markets video, published August 14, 2026, features Mike Wilson discussing Equities, GLD, SHY, Metal stocks, SMH, Silver stocks, REMX, XLE, GDX. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Mike Wilson  · Tickers: Equities, GLD, SHY, Metal stocks, SMH, Silver stocks, REMX, XLE, GDX