Eric Sepanek
SBC Founder
Eric Sepanek is the founder of Scottsdale Bullion & Coin, established in 2011. With extensive experience in the precious metals industry, he is dedicated to educating Americans on the wealth preservation power of gold and silver.
Gold is on fire. The yellow metal has surged from roughly $1,650/oz to over $4,300/oz in just three years, a staggering 145% jump that’s left analysts scrambling to keep up. It took nearly five years for gold to climb from $2,000/oz to $3,000/oz, but only 200 days to leap from $3,000/oz to $4,000/oz. That kind of acceleration has rewritten the playbook for what’s possible.
The rally’s strength has forced Wall Street and central banks alike to revise their once-conservative gold price forecasts. Price targets that seemed ambitious a year ago have already been squashed.
We’ve already explored the market’s gold price predictions for 2026, but it’s increasingly evident that the yellow metal’s story doesn’t end there. To better understand where the market could be headed, investors need to consider gold price forecasts on a longer time horizon.
Why 2026 Isn’t the Top for Gold
For decades, mainstream finance treated gold with polite indifference, acknowledging its strength during crises but stopping short of a genuine endorsement. That attitude has now flipped on its head.
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In just a few years, the world economy has been flipped upside down. The US dollar has fallen from grace as a safe-haven asset, along with America’s reputation as a preserver of financial stability. This destabilization has elevated gold from a short-term, cyclical hedge to the cornerstone of an emerging, multi-polar global economic system.
This transformation shift has spurred some of the world’s largest banks and most respected analysts to urge investors to increase their gold exposure. The establishment is finally joining the long-time gold advocates who’ve been sounding the alarm for years. Gold price forecasts for 2026 are optimistic, but the real confidence is found in extended timelines.
Bullish Gold Bets: Analysts’ Targets at a Glance
| Financial Institution/Analyst | Gold Price Predicted (per oz) |
|---|---|
| Shanmuganathan N | $85,000 |
| Tavi Costa (Crescat Capital) | $55,000 |
| Robert Kiyosaki | $25,000 |
| Peter Schiff | $20,000 |
| Pierre Lassonde (Franco-Nevada) | $17,250 |
| Jan Nieuwenhuijs | $16,000 |
| Juerg Kiener (Swiss Asia Capital, MD & CIO) | $12,000 |
| Ed Yardeni (Yardeni Research) | $10,000 |
| James Puplava (Financial Sense Wealth Management) | $10,000 |
| Stewart Thomson | $10,000 |
| Bart Melek (TD Securities) | $7,000 |
| Frank Holmes (U.S. Global Investors) | $7,000 |
| Chris Wood (Jefferies) | $6,600 |
| Prof. Steve Hanke (Johns Hopkins) | $6,000 |
| JP Morgan | $6,000 |
| Aakash Doshi (State Street Global Advisors) | $5,000 |
| John Paulson (Paulson & Co.) | $5,000 |
| Sean Boyd (Agnico Eagle Mines, Chairman) | $5,000 |
| Van Eck | $5,000 |
Voices Behind the Calls
Shanmuganathan N
$85,000/oz
Price Prediction
“If we assume that the M1 is set to grow at a CAGR of 10%… With a 40% reserve backing, gold prices would have to be well above $85,000.”
Tavi Costa, Crescat Capital
$55,000/oz
Price Prediction
“And if we're going to go back to the 17%, it takes us back to $25,000 an ounce, or if we go back to the 40%, it's close to $55,000 an ounce,” Costa explained, noting that these are not price targets but serve to illustrate the potential for significant valuation shifts.
Peter Schiff
$20,000/oz
Price Prediction
“I think gold is not going to stop going up because the dollar is not going to stop going down. It’s not going to stop at $5,000 [per ounce]. It’s not going to stop at $10,000. It’s going to go higher. I mean, it could go to $20,000.”
Pierre Lassonde, Franco Nevada
$17,250/oz
Price Prediction
“We will see gold at 17,250… between now and 2030.”
Jan Nieuwenhuijs
$16,000/oz
Price Prediction
“From 1970 until 1980, the price of gold rose 23-fold… On average, that’s a 16-fold increase… gold going up by 1700% would produce a price peak of over $16,000 per ounce.”
Juerg Kiener, Swiss Asia Capital
$12,000/oz
Price Prediction
“Look, I don’t know where we’re going to be end of the year… I look at the target in ’28 somewhere between $8,000 and $12,000, and then we’re going to see how we’re going to stabilize if policies change.”
Ed Yardeni, Yardeni Research
$10,000/oz
Price Prediction
“If gold continues on its current path, it could reach $10,000 before the end of the decade.”
James Puplava, Financial Sense Wealth Management
$10,000/oz
Price Prediction
“Gold trading above $10,000 and silver near $300 is where President of Financial Sense Wealth Management, James Puplava sees prices later this decade.”
Stewart Thomson
$10,000/oz
Price Prediction
“Decades ago, I set a long-term $6500 target for gold’s bull run… I’m raising my $6500 target to $10,000.”
Bart Melek, TD Securities
$7,000/oz
Price Prediction
“If China tried to accelerate, prices could move toward US$6,000 to US$7,000 an ounce. But this will be a gradual, ongoing process.”
Frank Holmes, U.S. Global Investors
$7,000/oz
Price Prediction
“My new projection is $7,000 per ounce, potentially by the end of President Trump’s second term.”
Chris Wood, Jeffries’ Global Head of Equity Strategy
$6,600/oz
Price Prediction
“In his latest GREED & fear report, the veteran market analyst has suggested that gold prices could climb as high as $6,600 per ounce in the long term, based on historical benchmarks and the growth in US disposable income per capita.”
Steve Hanke, Professor of Applied Economics at Johns Hopkins University
$6,000/oz
Price Prediction
“The key takeaway is that the gold secular bull market will continue and probably peak out at around 6,000 an ounce.”
JP Morgan
$6,000/oz
Price Prediction
“Analysts at JPMorgan estimated that the price of gold could reach $6,000 per ounce by 2029, up from about $3,300 now, if just 0.5% of U.S. assets held by foreign investors is reallocated to the precious metal.”
Aakash Doshi, State Street Global Advisors
$5,000/oz
Price Prediction
“Doshi predicts that in the long run, the price of gold will reach 5,000 US dollars.”
John Paulson, Paulson & Co.
$5,000/oz
Price Prediction
“Central bank gold buying and global trade tensions are likely to push bullion prices to near $5,000 an ounce by 2028.”
Sean Boyd, Agnico Eagle Mines
$5,000/oz
Price Prediction
“It won't surprise us if it's $5,000. When you have big players wanting gold—the central banks wanting physical gold, wanting it close to home—it tells you there's going to be continued uncertainty in the world.”
VanEck
$5,000/oz
Price Prediction
“Gold was built for the shifting trends currently unfolding in the global economy: inflation, war, uncertainty, and growing financial instability. As these trends continue to play out and reshape the global economic order in the coming years, we believe gold has the potential to ascend toward $5,000 per ounce.”
Structural Drivers of Higher Gold Prices
Fed Easing & Inflation Risk: The Federal Reserve’s resumption of rate cuts is expected to keep gold prices elevated for years, as real yields are suppressed. This boosts the appeal of non-yielding safe-haven assets such as precious metals. At the same time, economists warn of sustained inflation and even stagflation as world trade grinds to a halt and the global economy splinters.
Fiscal Strain: The US economy is bogged down by soaring national debt, widening federal deficits, and spiking interest costs. The Modern Monetary Theory experiment is zapping the dollar’s performance and crushing America’s credibility rating, lifting demand for hard assets.
De-Dollarization: The global response to the systemically corroded US financial system and dollar weaponization is a flight from dollar-backed assets. The de-dollarization trend sees countries around the world shedding USD holdings in favor of gold.
Central Bank Demand: Official gold consumption has entered a historic phase of unprecedented demand as central banks purchase more than 1,000 tons for three consecutive years. 2025 is on pace to mark the fourth, and experts see this durable, non-price-sensitive demand continuing.
Western Investors Return: Following years of steady outflows, gold exchange-traded funds are seeing inflows from Western retail investors. Eastern demand has remained high, especially in China and India — the two largest gold jewelry markets in the world. This rising investment demand adds fuel to strong official consumption.
Historic Revaluation: The dollar’s weakness has reignited debate about gold’s true value, relative to various fiscal indicators, such as the $38 trillion national debt, US Treasuries, and the M2 money supply — the amount of money in circulation. Many of these estimates place gold between $25,000/oz and $85,000/oz.
Market Structure: Gold isn’t only rising in value but in status, too. Right now, central banks are loading up more gold than USD, signaling a growing preference for the physical metal. Furthermore, the global banking system has designated gold as a Tier 1 asset, putting it on the same level as the dollar and bonds.
Source: Crescat Capital LLC via Investing.com
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