Jefferies’ Chris Wood on Gold, Bitcoin ETF Allocation & Silver Strategy

Chris Wood, Global Head of Equity Strategy at Jefferies, shares his outlook on gold, silver and Bitcoin amid global economic uncertainty. He explains how the gold bull market, which gained momentum in 2022, has been driven by non-G7 central banks buying bullion since the Ukraine war and the freezing of Russia’s reserves. Gold now makes up a larger share of official foreign exchange reserves than the euro, while retail participation in the West has also picked up. Wood sees gold as a hedge against dollar weakness, with 10% of his global equity portfolio in gold miners and 6% in a Bitcoin ETF. He notes that Indian investors lack access to gold mining stocks, even though the sector is currently highly profitable. On silver, Wood calls it “high beta gold”, best suited for more aggressive investors seeking leverage on the gold trade.