Based on Jack Bogle’s market cap target, ‘gold would be about 12% of your portfolio’ – WisdomTree CEO Steinberg

WisdomTree CEO Jonathan Steinberg highlights that gold remains significantly underowned in investor portfolios despite strong drivers that could push prices above $5,000/oz. He underscores central banks' ongoing diversification away from the U.S. dollar due to geopolitical risks, citing actions post-Russia-Ukraine conflict as a key catalyst supporting gold demand. Steinberg also notes that central bank purchases currently outpace retail buying, contributing to gold's robust price performance. Steinberg emphasizes gold's role as a store of value during inflationary periods and global crises. While Bitcoin has gained attention as an alternative store of value, he sees a complementary relationship between gold and Bitcoin, suggesting that Bitcoin reaching higher price targets would likely coincide with rising gold prices. He refers to Jack Bogle's market cap-based portfolio allocation approach, suggesting gold should constitute around 12% of a liquid asset portfolio, illustrating how gold remains under-allocated. The narrative supports a bullish outlook on gold, driven by structural demand from institutional investors and central banks, macro uncertainty, and inflation concerns. Near-term catalysts include ongoing geopolitical tensions and central bank diversification policies. Risks include potential shifts in monetary policy or diminished geopolitical risks that could dampen gold demand. The evolving dynamic between digital assets and traditional precious metals also shapes market positioning and investor behavior.