Morgan Stanley Chief Investment Officer: The gold bull market has lasted for 25 years

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新浪财经2026/08/18 08:40

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Mike Wilson, Chief Portfolio Manager at Morgan Stanley, stated that

gold has actually already experienced a 25-year bull market.

Wilson pointed out that in an environment where US bonds perform poorly or carry higher risks, investors should consider strengthening the defensive part of their portfolios. Compared to cryptocurrencies,

Morgan Stanley

has always favored gold, not only because it is a high-yield instrument but also because it is a safe-haven asset.

Regarding whether the gold market can return to its performance at the beginning of this year,

Wilson believes the public has only recently become aware that the gold bull market has lasted for 25 years.

Morgan Stanley

remains optimistic about the long-term outlook for precious metals, believing that easing tensions in the Middle East and falling international oil prices will help lower US inflation expectations.

It should be noted that the Fed's hawkish stance at its June policy meeting has caused disagreements in market views, and interest rates may stay high for a longer period, which increases the opportunity cost of holding zero-yield assets such as gold.

In addition to the continued optimism about gold, sales of silver have also shown positive signs. The Perth Mint saw a rebound in sales of silver bars and coins in July, though sales remain below early 2026 levels. This recovery is related to international silver prices hitting a low in July 2026, and part of the price-sensitive investment demand has returned.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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Morgan Stanley Chief Investment Officer: The gold bull market has lasted for 25 years

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