Gold is hovering near record highs, the market is begging for a
rate cut, and AI is reshaping every corner of the economy. But
are investors seeing the full picture? Amber sits down with Bipan
Rai, Managing Director, Head of ETF & Alternatives Strategy
at BMO Global Asset Management for an unfiltered macro
conversation at a moment when investors are looking for answers
and clarity.
Bipan breaks down why markets abruptly priced in an aggressive
December Fed cut despite an unclear jobs picture distorted by the
U.S. government shutdown. He also explains why political pressure
on the Federal Reserve is becoming impossible to ignore and how
easily a poorly timed cut could become a policy mistake.
AI becomes the first major theme of the conversation. Bipan
explains why the broad AI beta trade is ending and how debt
financed spending is starting to separate real winners from firms
with stretched balance sheets. The market may finally be waking
up to these differences and he argues that this shift toward a
more selective environment is actually a sign of long term
health.
Gold is the other force that has defined 2025. Bipan breaks down
why the metal’s record run has been powered mostly by retail and
institutional ETF flows rather than central banks and why gold’s
pause at the top is not a sign the move is over. He goes through
the supply and demand math and explains why he still sees a path
to gold reaching 4500 by mid 2026.
They also dig into Canada’s massive fiscal push, the USMCA
wildcard, the mortgage renewal wall, and why global
infrastructure spending is becoming one of the most durable
multi-year investment themes.
In Pro Picks, Bipan brings three ETF ideas tied directly to the
macro forces shaping markets right now. He starts with the BMO
Gold Bullion ETF (ZGLD), which offers pure exposure to gold as it
hovers near record levels. He then introduces the BMO Gold
Bullion Covered Call Spread ETF (ZWGD), a strategy built to
maintain upside participation in gold while generating meaningful
yield by selling call spreads. And for investors looking to
position for global fiscal stimulus, he highlights the BMO Global
Infrastructure Fund ETF (BGIF), a portfolio of essential
infrastructure exposure from pipelines to utilities to
communication towers benefiting from governments racing to
upgrade aging systems.
Timestamps
00:00 Show intro
02:00 Bipan’s view on rates
05:00 Thinking about U.S. rates from a political lens and the
risk of a policy misstep
08:40 Chaos within the Fed & missing data
13:00 Why were markets so resilient this year? Especially outside
of the U.S.
16:30 AI, exposure and exceptions for 2026
19:50 The big gold rally, retail & institutional investors
and outlook for next year
26:20 The interplay between the USD and commodities
29:45 The Bank of Canada, tariffs and the Canadian economy
32:20 The Federal budget & fiscal policy
36:20 Bipan’s Pro Picks (ZGLD, ZWGD, BGIF)
Sponsors
For 25 years, Raymond James has been helping Canadians achieve
their financial goals. Visit https://raymondjames.ca today to
discover how you can live a life well planned.
Presented by BMO ETFs. With tools like the ETF Compare
Tool and Market Insights, you can
easily identify ETFs that hold your favourite stocks, match your
risk tolerance, and align with your investment goals. To explore
these tools, head to www.bmoetfs.com and check
out the Tools section.
Pro Picks is brought to you by ATB Financial. Visit
https://ATB.com/inthemoney for more information.
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DISCLAIMERS
The information provided in this podcast is for informational
purposes only and does not constitute financial, investment, or
professional advice.The views expressed by the host and guests
are their own and do not necessarily reflect the opinions of any
organization or company. The host and guests may maintain
positions in any securities discussed on the podcast. Always
consult with a qualified financial advisor or professional before
making any investment decisions.
In the Money delivers expert stock picks, actionable ideas, and
timely money management tips. Hosted by business journalist Amber
Kanwar, each episode features interviews with top portfolio
managers who suggest ways to achieve good returns. Covering
everything from ETFs and Canadian stocks to global investing
trends, dividend strategies, and risk management, this show is
made for DIY investors, stock market enthusiasts, and anyone
looking to sharpen their financial strategy.
Contact: questions@inthemoneypod.com
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