Gold may reach unprecedented levels of $10,000 per ounce as it gains renewed popularity as a safe haven, JPMorgan CEO Jamie Dimon predicted this week.
The precious metal, traditionally seen as a hedge against inflation and currency fluctuations due to its independence from governments and central banks, recently broke the $4,000 mark and continues its upward trajectory. On Wednesday, gold hit a record $4,218.29 per ounce, up 58% year-to-date and more than double its 2023 price, when it traded below $2,000.
“I’m not a gold buyer – it costs 4% to own it,” Dimon said at Fortune’s Most Powerful Women conference in Washington on Tuesday. “But it could easily go to $5,000 or even $10,000 in environments like this.”
Dimon cited multiple global economic challenges driving investors toward gold, including U.S. tariffs, widening deficits, inflationary pressures, the rise of artificial intelligence, and geopolitical tensions such as remilitarization. He added that, while he refrained from labeling gold overvalued, it is “one of the few times in my life it’s semi-rational to have some in your portfolio.”
Other market experts echo Dimon’s optimism. Billionaire investor Ray Dalio called gold an “excellent diversifier of the portfolio” amid rising government debt, geopolitical uncertainty, and declining confidence in national currencies. Dalio suggested that a strategic asset allocation could include roughly 15% in gold.
Supporting this trend, a recent Bank of America survey found that 43% of fund managers see betting on gold prices as the most popular trade globally, surpassing investments in the so-called “Magnificent Seven” U.S. tech giants: Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla.
Citadel founder Ken Griffin also noted that investors increasingly view gold as safer than the U.S. dollar, which has weakened against major currencies amid concerns over tariffs and policy uncertainty.
