Gold Is 10% Underweight in Most Portfolios — WisdomTree's CIO on What to Own Now | Jeremy Schwartz

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Mar 10, 2026

Jeremy Schwartz, WisdomTree's Global CIO and author, focuses on macro themes, commodities, and portfolio construction. He discusses why commodities and gold are underallocated, the role of strategic metals amid defense and supply-chain shifts, AI-driven productivity effects, Japan and Korea's cheap AI-linked stocks, and overlooked China-Taiwan geopolitical risk.

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INSIGHT

Most Portfolios Are Underweight Gold

Most investors are materially underweight gold compared with a neutral asset mix.
Jeremy Schwartz says a neutral split of equities, fixed income, and alternatives implies about 13% in gold, leaving typical portfolios ~10% underweight.

INSIGHT

Re Shoring Raises Costs But AI Could Offset Inflation

Re-shoring and 'just in case' supply chains raise costs but may be offset by AI-driven productivity.
Jeremy warns geopolitics push local stockpiles while AI could accelerate productivity and counter inflationary pressure.

ADVICE

Go Beyond The 60 40 With Commodities And Dynamic Strategies

Diversify beyond a 60/40 stock‑bond split by adding commodities and dynamic strategies.
WisdomTree packages like NTSX (capital efficient) and managed futures can boost returns and hedge geopolitical commodity risk.

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WisdomTree CIO Jeremy Schwartz says most investors are massively underweight hard assets, with commodity ETFs at less than 2% of the $14 trillion US ETF market and gold portfolios roughly 10% below an optimal allocation. He explains why commodities, gold, and strategic metals like copper are critical in a world of defense spending, supply chain risk, and geopolitical conflict. Jeremy also argues that current inflation fears are overblown, that stocks remain the single best inflation hedge based on 200 years of data, and that AI-driven productivity could mean shorter work weeks and higher real wages. He breaks down why Japan and Korea's AI-linked companies are trading at single-digit PEs, why the private credit sell-off may be overdone, and why China-Taiwan is the tail risk most investors still aren't pricing in.

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Chapters:

0:42 - Inflation Shock or Temporary Spike?

3:24 - Will Just-in-Case Supply Chains Rekindle Inflation?

5:01 - How Do You Invest When the Future Is Unknowable?

7:47 - Is the 60/40 Portfolio No Longer Enough?

10:13 - Global Diversification After Asia’s Selloff

14:04 - Does a Defense Boom Also Mean a Critical Minerals Boom?

15:04 - AI, Jobs, and the Fed’s Next Dilemma

18:39 - Is Private Credit the Market’s Hidden Time Bomb?

21:57 - Strong Dollar: Temporary Bounce or Bigger Shift?

24:10 - ⭐️Wealthion Golden Nugget: Most Portfolios Don't Have Enough Gold

25:52 - The Most Underappreciated Risk in Markets

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