Gold Isn't Driven by US Inflation Says Jan van Eck

Watch on YouTube ↗  |  September 15, 2026 at 20:55  |  9:10  |  Bloomberg Markets
Speakers
Jan van Eck — CEO of VanEck Funds

Summary

Jan van Eck, CEO of VanEck Funds, discusses market risks, fiscal policy, and asset allocation from the Future Proof conference. He favors a contrarian bond stance, sees long-duration munis as competitive, remains long-term bullish on gold and Bitcoin, and stays overweight AI/semiconductors. He is more cautious on Nvidia's forward earnings, which he views as a sign the AI trade is losing air.

  • Jan van Eck is not worried about near-term timing of the deficit but prefers a contrarian bond buy at high yields.
  • Long-end muni yields are high enough to compete with equities and other portfolio assets.
  • Gold is seen as a long-term global currency and has bottomed, though Asian growth weakness may prolong consolidation.
  • Bitcoin has bottomed and is expected to head back toward all-time highs, with long-term bullish drivers intact.
  • VanEck remains overweight AI and semiconductors despite AI safety fears.
  • Nvidia forward earnings drifting lower is flagged as an indicator that the AI trade is slowly deflating.
  • The $5,000 check proposal and US fiscal path are viewed as deficit risks without a clean trade.
Ideas
Jan van Eck CEO of VanEck Funds 2:51
Contrarian bond buy as yields peak.
Even though he is a longtime deficit bear and market timing is difficult, with sentiment so negative on bonds and the 10-year yield potentially reaching 5%, 5.5%, or 6%, the contrarian case is to buy bonds; high long-end yields make fixed income competitive.
TLT MED
Jan van Eck CEO of VanEck Funds 2:57
Long munis compete with equities.
At current yields, long-end municipal bonds offer high-single-digit yields that can compete against equities and other portfolio assets, making them attractive.
MLN MED
Jan van Eck CEO of VanEck Funds 3:10
Gold long-term bid despite consolidation.
Long-term bullish gold as the new global currency over the next decade. Gold is not driven by US inflation but by global growth in Asia; the Middle East war is hurting Asian growth, especially India, so gold may consolidate or go sideways for another year. Still, it has bottomed and should head toward all-time highs, with a long-term bid.
GLD HIGH
Jan van Eck CEO of VanEck Funds 3:34
Bitcoin bottomed, long-term bullish.
Bitcoin has bottomed and is heading toward all-time highs again, though the move may be slow. He was bearish entering the year because of the four-year halving cycle but said buy in Q2; he remains long-term bullish given BlackRock adoption, the asset being somewhat forgotten, and risks now largely priced in. The rally has started.
BTC HODL HIGH
Jan van Eck CEO of VanEck Funds 8:30
Stay overweight AI semiconductors.
He remains overweight AI and semiconductors. AI safety fear-mongering is wrong and dangerous; neither China nor the US will hold back AI development, and responsible industry dialogue and protections should not interfere with Anthropic's IPO. VanEck is also a large Nvidia shareholder as part of the exposure.
SMH HIGH
Jan van Eck CEO of VanEck Funds 9:00
Nvidia estimates falling; AI trade deflating.
Nvidia's forward earnings are drifting slowly lower, which he sees as a sign that the air is slowly coming out of the AI trade.
NVDA MED
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This Bloomberg Markets video, published September 15, 2026, features Jan van Eck discussing TLT, MLN, GLD, BTC, HODL, SMH, NVDA. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Jan van Eck  · Tickers: TLT, MLN, GLD, BTC, HODL, SMH, NVDA