Overview
- JPMorgan CEO Jamie Dimon, long a gold skeptic, said he still is not buying the metal and cited roughly 4% annual holding costs.
- Dimon said gold could reach $5,000 to $10,000 in the current environment, calling a small allocation defensible.
- Gold is up about 63% in 2025 and demand spans institutions and U.S. retail buyers, with brisk Costco bar sales reported.
- Goldman Sachs raised its December 2026 target to $4,900, while HSBC and ANZ also lifted multi‑year projections on safe‑haven and official‑sector demand.
- Analysts note high prices could invite stabilization or profit‑taking even as support remains, and Citadel’s Ken Griffin voiced concern over investors turning to gold over the dollar.