{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"In the Money with Amber Kanwar","title":"Gold at Record Highs, AI Getting Risky and the Fed Eyeing Cuts — What Happens Next","html":"","width":"100%","height":180,"duration":2644,"description":"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...","thumbnail_url":"https://img.transistorcdn.com/er9NR63MREFV6i2rlZX8f-yMY6gNSK83fNUOzBPoSt8/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS8zZmQy/OWMwNmEzY2Y0YTg1/NjM4MjQ3Y2NjMWYy/Zjk1My5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}