Name: WisdomTree CEO Is Going All In on Gold
Uploaded: 2026-03-20T19:43:00Z
Duration: 4 min 51 s
Description: Jonathan Steinberg, founder and CEO of WisdomTree, tells Barron’s Andy Serwer how gold and metals can be a strong alternative to the dollar and Bitcoin.

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Jonathan Steinberg, founder and CEO of WisdomTree, tells Barron’s Andy Serwer how gold and metals can be a strong alternative to the dollar and Bitcoin.

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WisdomTree CEO Is Going All In on Gold

Jono, I read that metals now represent over 25% of your AUM, both physical and overlay products. First of all, explain what that means, and then secondly, is this a boom that's gonna go bust?

So gold, we manage about, let's say 25 or 26 or $27 billion in physical gold.

So what does that mean? The ETF is backed by the gold?

Yes, 100% backed. So I've actually visited the gold in the HSBC vault. It's-

Here in New York?

No, it's in London.

Are you're gonna tell me?

Oh, it's in London.

It's in London.

Okay, you can tell me.

But you can't see it. I mean, it's, it's secret. They put a bag over your head They take you to it.

The people that work-

Get outta here.

The people that work in the vault tell people they work in archives and it is very, very secret stuff.

No, you know, you're kidding about that bag thing, though?

No, and the-

Seriously?

But I did bring them donuts.

Wow.

I mean, it's really secret. Okay?

Yeah, okay.

It's one of the, you know-

It's like MI6 or something, right?

Yeah. It's very exciting. Now, so we are, I think, the fourth largest manager of gold in the world. So State Street's the largest, iShares is the second, Invesco now WisdomTree. So that's physical gold. What we've also done, though, is, so if you think about gold, it's an alternative store of value. Often it does better in inflationary movements. It also does well as an offset to sort of global political crisis, right? What's really been driving gold for the last few years is central banks around the world are trying to diversify away from their dollar exposure. They saw what we did. When Russia invaded Ukraine, they were cut off from the financial system. So under a Trump world, the central banks have no desire to stop buying gold. They are really buying gold. They're buying gold more than the retail investor globally. So, I mean, you understand markets, you know, more buying than selling, gold goes up. So gold has been trading incredibly well. I think the underpinnings for gold, which has a store of value for centuries, isn't going anywhere, and they seem to have some very interesting characteristics, which makes us bullish on it. Now there are a couple of other things. Bitcoin, which is also an alternative store of value, they actually did a better job of selling the role of Bitcoin in the portfolio than gold did. But they serve a very similar role in the portfolio. So that's another thing, like, that there was always a relationship between gold and silver. There is also a relationship between gold and Bitcoin. And Bitcoin cannot go to, you know, $500,000 a coin without gold trading up as well. So now Bitcoin's been down, but gold has been soaring I think partly because, for the last 15 years, it was all Bitcoin, not gold. So gold has caught up. You asked an interesting question, though, about the gold overlays. If you are trying to buy into alternatives, the question any advisor is asked is, what am I gonna sell to buy this? So we've created funds. We have a family of funds, Efficient Capital, so within it, a very consumer-friendly use of leverage, a basket of 500 equities that uses a gold overlay, 20 basis points. So it comes out of your sort of your S&P 500 exposure. And in a market where gold is the best performing asset class, this fund has beaten, it's three years old, it's raised about $600 million, and has made it very easy for advisors to allocate. What's interesting, you know, if you go back to sort of Jack Bogle, the founder of Vanguard, and his approach to investing, own the world of liquid assets proportionally to their market cap, that's his idea, so under that scenario, gold would be about 12% of your portfolio. Most people have never bought any gold. So we've tried to create a product for advisors and for retail that would make it easier for them to allocate to gold. We just recently launched tips plus a gold overlay as well.