Commodities and precious metals are drawing renewed attention as investors reassess portfolio protection in an environment shaped by geopolitical tensions and persistent inflation pressures.
BNN Bloomberg spoke with Mike Philbrick, CEO at Resolve Asset Management, who highlighted how broad commodities, gold and silver can help diversify portfolios as traditional stock-and-bond correlations shift.
Key Takeaways
- Inflation driven by geopolitical conflict and supply disruptions is reshaping how investors approach diversification.
- Traditional stock-and-bond portfolios may offer less protection as rising inflation pressures push both asset classes lower.
- Broad commodities provide direct exposure to rising input costs and geopolitical shocks, helping offset portfolio risk.
- Gold remains a core hedge against monetary instability and weakening confidence in policy frameworks.
- Silver adds higher volatility exposure with both industrial demand and monetary characteristics, requiring careful position sizing.
Read the full transcript below:
LINDSAY: It’s time now for the ETF report. My next guest says broad commodities can help with inflation and geopolitical shocks, and gold remains a classic monetary hedge and portfolio stabilizer. Joining me now with three commodity ETFs is Mike Philbrick, CEO of Resolve Asset Management. It’s good to have you. Thanks so much for joining us.
MIKE: Good morning, Lindsay. Great to be here.
LINDSAY: Before we get to your ETF picks, I want to talk about gold. Prices have seen some whiplash over the past couple of weeks because of what’s been happening in the Middle East. You remain bullish. Why is that?
MIKE: I think gold — and the global economy — still face many of the same challenges we saw back in January. Central banks are likely going to have to keep rates higher to fight inflation, and that degrades the traditional bond diversification benefit. That leaves gold as a key diversifier.
That diversification comes from sustained inflation, supply disruptions and geopolitical stress, all of which point back to gold. And as we discussed in January, if you’ve had exposure, it may have made sense to rebalance after the spike. But for many investors who don’t have a position, this pullback represents an opportunity to begin building that diversification into portfolios.
LINDSAY: We’ve also seen oil prices under pressure tied to developments in the Middle East. Everything seems connected to the conflict in Iran right now. What do you think happens next for oil? Can prices return to pre-conflict levels?
MIKE: I don’t think so. We’re dealing with a war-driven inflation shock that’s rewriting the playbook for portfolio diversification, similar to the 1970s. The idea that oil returns to around $55 a barrel seems optimistic.
We need to work through the current disruption, which accounts for about two per cent of global GDP. It’s not insignificant. Markets appear to be anticipating some form of resolution, likely because a worsening situation would be untenable for both sides, which adds urgency to negotiations.
LINDSAY: And the length of those negotiations would affect markets, right?
MIKE: Absolutely. The longer it goes on, the more severe the impact. Energy is embedded in everything — food, plastics, transportation — so it’s critical to the global economy.
LINDSAY: Let’s get to your ETF picks. Your first is the BMO Broad Commodities ETF. What do you like about it?
MIKE: ZCOM is a diversified, broad-based commodity ETF with exposure across energy, agriculture and precious metals.
In a macro environment like this — where the shock is more inflationary than recessionary — commodities are one of the few areas where investors can gain direct exposure to rising input costs, supply disruptions and geopolitical stress. It’s a clean way to express that view in a portfolio.
That said, commodities can be cyclical and volatile. But they can help diversify stocks and bonds. In a 1970s-style environment, those traditional assets can become correlated and decline together, while commodities may rise and help stabilize portfolios.
LINDSAY: Your next pick is the CI Gold Bullion Fund.
MIKE: Yes, VALT. This provides physical gold exposure through an ETF structure. Gold remains a classic hedge against monetary instability, geopolitical stress and declining confidence in policy frameworks.
It offers diversification beyond stocks and bonds. The management expense ratio is about 17 basis points, making it one of the lower-cost options in Canada for bullion exposure.
LINDSAY: Silver hasn’t been talked about as much as gold recently, but it’s also seen volatility since the conflict began. Your final pick is the iShares Silver Bullion ETF. What stands out?
MIKE: That’s SVR/C. It provides physical silver exposure in an ETF format. Silver is a precious metal like gold, but it also has strong industrial demand.
It benefits from themes like electrification, infrastructure spending and demand tied to technology buildouts. Silver tends to be more volatile than gold and can behave more like a risk asset during growth scares.
But as we discussed earlier this year, pullbacks can offer opportunities to build positions gradually. If you have no exposure, it may be time to consider adding commodities and precious metals. If you do have exposure and prices have declined, rebalancing may make sense.
LINDSAY: Is it fair to treat silver like gold as a safe haven?
MIKE: Not quite. Silver has a dual role. It’s partly a monetary metal, but it also has a strong industrial component.
That gives it more volatility — more beta — than gold. It can move more aggressively in both directions. So position sizing matters. If gold is 10 per cent of a portfolio, silver might be closer to five per cent to reflect that higher volatility.
It offers both a store-of-value characteristic and exposure to industrial demand, which makes it a complementary asset, but not a direct substitute for gold.
LINDSAY: Mike Philbrick, CEO of Resolve Asset Management, great to get your insight. Thanks so much for joining us.
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This BNN Bloomberg summary and transcript of the March 24, 2026 interview with Mike Philbrick are published with the assistance of AI. Original research, interview questions and added context was created by BNN Bloomberg journalists. An editor also reviewed this material before it was published to ensure its accuracy and adherence with BNN Bloomberg editorial policies and standards.
