With the U.S. dollar careening lower, it’s not surprising gold is extending its 2025 bullishness to start 2026. The largest ETF backed by physical holdings of the yellow metal is up more than 20% year-to-date — a staggering run in less than a month.
The WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE) is keeping pace with that run. It could outperform if the dollar’s decline lifts gold and equities in unison. The actively managed GDE provides exposure to both gold futures and a basket of large-cap domestic equities.
While framed as a unique, potentially potent alternative to old guard gold ETFs, GDE’s exposure to stocks is meaningful, too, particularly against the backdrop of a weakening greenback. After all, by some estimates, as much as 40% of S&P 500 revenue is generated outside the U.S. That means companies in that index are converting stronger foreign currencies into more dollars. That’s an earnings tailwind.
Gold Bull Market Has Plenty of Gas Left in Its Tank
As for GDE’s gold futures exposure, it’s arguably as attractive and meaningful as ever, especially when accounting for bullion’s recent ascent through the psychologically important $5,000 per troy ounce level.
“Gold crossing $5,000 reflects a deep reassessment of global power, policy, and capital,” said Nigel Green, CEO of deVere Group. “Investors are seeking certainty in an era where sovereign bonds and fiat currencies look increasingly fragile.”
As Green points out, gold benefits from President Trump’s rhetoric that often roils political pundits and some market participants. The president’s comments on everything from Greenland to tariffs to NATO and much more often spook investors. This prompts them to seek out safe-haven assets, of which gold is one.
“Markets price stability, and current policy direction introduces a level of unpredictability that pushes capital toward hard assets,” added Green. “Gold benefits when political signals create uncertainty about growth, inflation, and international cooperation.”
Somewhat linked issues of soaring global debt levels and ongoing demand for gold among central banks also make an impact. Central banks are aware of increasing debt burdens. They have steadily bought gold in recent years, fortifying the commodity’s status as a store of value.
“Central banks are voting with their balance sheets. Their accumulation of gold signals a strategic pivot toward assets outside the Western currency system,” concluded deVere’s Green.
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