Berenberg Pushes 45% 'Gold Plus' Portfolio Allocation, Ditches Bonds

Berenberg strategists recommend allocating 45% of portfolios to 'gold plus'—gold, silver, precious metals, and bitcoin—citing a commodity supercycle driven by geopolitical tensions, fiscal risks, and persistent inflation. Their April 22, 2026 research note proposes 20% in commodities, 35% in equities with zero bonds, favoring international stocks over U.S. amid dollar weakness and overweighting transition metals like nickel, cobalt, copper, plus utilities and telecoms. This bullish stance could drive fresh flows into gold and related assets while pressuring fixed income.