Name: Gold Smashes Beyond $5000 | ETF IQ Full Show
Uploaded: 2026-01-26T18:25:51+00:00
Duration: 1312 s

Speakers

Todd Sohn — Chief ETF Strategist, Strategas Securities

Michael Willis — CEO & Co-Founder, Cyber Hornet ETFs

Katie Greifeld — Anchor, Bloomberg

Isabelle — Reporter, Bloomberg

Summary

The show covered ETF flows as gold topped $5,000 an ounce, with strong precious-metals inflows and emerging-market ETF buying, while QQQ and broad U.S. equity ETFs saw outflows. Guests discussed tokenization of T-bill ETFs, private-company exposure in Baron's First Principles ETF, key-man risk in manager-branded ETFs, and Japan equity allocation with currency hedging. Cyber Hornet's Michael Willis pitched BBB, a 75/25 S&P 500/Bitcoin blend moving to spot bitcoin, and forecast bitcoin reaching $1 million over the next decade.

Gold topped $5,000 per ounce for the first time, and gold ETF flows have exceeded $50 billion since early 2025.
ETF flows showed inflows into VOO and emerging-market funds, while SPY, IVV and QQQ saw outflows.
Todd Sohn described a precious-metals 'metal mania' and favored Japanese equities with currency hedging.
Sohn also flagged underowned energy equities as a potential inflation/oil trade and criticized Baron's First Principles ETF for private-holding transparency and liquidity risks.
F/m Investments' proposal to tokenize a T-bill ETF was discussed as a pending SEC decision.
Michael Willis pitched BBB, a 75/25 S&P 500/Bitcoin ETF converting to spot bitcoin.
Willis forecast bitcoin at $1 million over the next decade and cited a large pool of crypto-hesitant investors still to enter.
The show also touched on key-man risk for ETFs tied to star managers like Rick Rieder and Cathie Wood.

Ideas

Todd Sohn Chief ETF Strategist, Strategas Securities 2:48

Precious metals are in a metal mania.

Todd sees a 'metal mania' with activity, volume and inflows across gold, silver, palladium and platinum. ETFs give investors access to the trend, and the broad precious-metals complex is a live momentum area.

Todd Sohn Chief ETF Strategist, Strategas Securities 3:08

Energy equities may rally if oil rises.

Energy and materials are only about 5% of the S&P 500 and almost everyone is massively underweight. If a second inflation wave sends oil higher, Todd expects a rush back into energy, especially energy equities rather than commodities, because investors left the space.

Todd Sohn Chief ETF Strategist, Strategas Securities 5:05

Own Japan equities, hedge half the yen.

Todd still wants Japanese equity exposure because corporate reforms and defense spending make Japan different from U.S. large-cap growth. To manage FX risk, he suggests splitting an allocation between unhedged and hedged Japanese equity ETFs, so investors stay invested even if currency moves.

Todd Sohn Chief ETF Strategist, Strategas Securities 7:04

Opaque private risk in First Principles ETF.

Todd is skeptical of the Baron First Principles ETF because it holds large private positions like SpaceX and xAI. He says the cap was supposed to be 15%, private-market pricing is unclear with wide spreads, and if liquidity dries up, investors may panic without transparency. He does not know how the ETF got around the usual private-market treatment.

Michael Willis CEO & Co-Founder, Cyber Hornet ETFs 17:32

BBB blends S&P stability with bitcoin upside.

Michael argues the 75/25 S&P 500/Bitcoin blend in BBB is for crypto-hesitant investors who need a familiar, more stable structure. The blend added 14% over the S&P in 2024 and still gained more than 10% in a year when bitcoin fell 17%. The fund is converting to spot bitcoin next week to avoid futures tracking issues, after initially avoiding spot due to custody risk and Coinbase concentration.

Michael Willis CEO & Co-Founder, Cyber Hornet ETFs 20:36

Bitcoin heads to $1 million long term.

Michael believes bitcoin is headed to $1 million over the next decade. He says only about $3 trillion of $100 trillion in the Wall Street addressable market has entered crypto, leaving roughly $97 trillion that can migrate, and a third wave of financial advisors and bitcoin-hesitant investors is still to come.

Gold Smashes Beyond $5000 | ETF IQ Full Show

Summary

Ideas

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