BlackRock and WisdomTree on how investors are navigating the new commodity gold rush

Overview

Market Dialogues brings listeners curated conversations from Bloomberg flagship events, highlighting expert perspectives and key takeaways on the trends shaping global markets. 

This episode features a discussion from the ETFs in Depth event hosted by Bloomberg in London in June. The panel brought together Dario Valocchi, Multi Asset Product Development at Bloomberg, Nitesh Shah, Head of Commodities and Macroeconomic Research at WisdomTree, and Thomas Holl, Managing Director and Portfolio Manager at BlackRock, to explore why commodities are back in focus, how ETFs are broadening access and what could drive the next phase of demand. 

Key takeaways 

• Investor interest in commodities is becoming more nuanced, expanding beyond broad baskets and gold toward sector-specific and single-commodity exposure.
• Investors are combining commodity ETFs,futuresand commodity-related equity ETFs to balance direct exposure, storage and carry costs, liquidity and access to commodities without liquid futures markets. 
• Commodities can provide liquid and transparent portfolio diversification, whilefutures-based strategies can reduce equity market beta and offer closer exposure to inflation.

Source: ETFs in Depth, June 19, 2026, London 

More conversations in the Market Dialogues series can be found here. 

About the series

The Market Dialogues podcast series provides access to curated, thought-provoking discussions from Bloomberg global events. It offers in-depth insights from experts on key trends and themes driving the markets today and beyond. 

Discover more conversations in the Market Dialogues series here. 

In focus 

Featured insights from this episode of Market Dialogues: 

On renewed interest in commodity investing

Nitesh Shah: There’s absolutely a renewed interest in commodities, and it’s all going in waves, right? If we pull the clock back to 2013, that’s when the last commodity supercycle ended. Then we saw a big collapse after prices fell, and interest in commodities went away for a number of years. But six years ago, we started seeing interest coming back into commodities, first into the kind of first generation of commodity indices tracking the front end of the curve in a very broad-based manner.* 

On building commodity exposure across ETFs and equities

Thomas Holl: When you think about investing in the commodity complex today, I think our most sophisticated clients think about a complete portfolio of both commodity ETFs and either active or index equity ETFs, both to get that complete exposure across the different commodities, but also then choosing the appropriate exposure given the different costs of carry or cost of storage that you might get across the different commodity parts.