J.P. Morgan: Gold’s Path to US $10,000
- ccancino3
- 1 day ago
- 3 min read
In the final months of 2025, the financial landscape has been defined by inflation, mounting debt, and a growing lack of confidence. In this environment, gold has taken center stage: not only has it surpassed $4,300 per ounce (as of October 20, 2025), but its 60% appreciation since the start of the year has reignited the debate over its role as a store of value.
At a conference held during Fortune’s Most Powerful Women Forum in Washington (October 2025), Jamie Dimon, CEO of J.P. Morgan, said that gold “could easily go to $5,000 or $10,000 in environments like this".
A Diagnosis That Goes Beyond Price
Dimon’s message is not just a prediction; it reflects a deeper economic reality. The combination of rising fiscal deficits, geopolitical tensions, trade tariffs, and an economy in technological transition has called into question the resilience of the current monetary system.
More and more investors are seeking refuge from volatility. Gold—which cannot be artificially created by governments or central banks (as happens with fiat currencies)— (as it happens with fiat currencies), rises as a reserve of confidence amidst the financial noise. In times of over-indebtedness and unlimited money issuance. In a world of excessive debt and unlimited money creation, gold’s solidity reminds us that real value is neither printed nor conjured out of nothing.
Confidence in a Safe Haven Asset
Ray Dalio, one of the most renowned investors of our time recommends assigning 15% of an investment portfolio to gold (Business Insider, July 2025).
Meanwhile, in that same publication, Ken Griffin, CEO of Citadel LLC, stated in October 2025 that he’s beginning to see gold "as a safe harbor asset in a way that the dollar used to be viewed.”
According to Bank of America’s Global Fund Manager Survey (October 2025), most fund managers surveyed (43%) chose “long gold” (maintaining investments in gold) over shares of tech giants like Apple, Google, Amazon, and the rest of the “Magnificent 7.” This convergence of views reflects a paradigm shift in risk perception.
The Factors Behind the Rise
Three structural factors behind the rise of gold:
1. Weakening of the dollar, driven by historic fiscal deficits and trade tariffs in the United States that are encouraging new mechanisms for exchange and reserves beyond the dollar.
2. Massive gold purchases by the central banks, especially from China, India and other BRICS countries, which are seeking to strengthen their reserves and reduce their dependence on the U.S. financial system.
3. Inflation and the erosion of the purchasing power in a context where the prices of goods and services continue to rise at an accelerated pace, weakening the real value of money.
If we add to this the possibility of a recession or a sovereign debt crisis, the scenario of gold reaching $10,000 per ounce doesn’t seem far-fetched. Having already doubled in price since 2023, gold appears set to continue a trend that is already underway. Therefore, the comment from J.P. Morgan’s CEO is a reminder of something essential: gold doesn’t compete with fiat currencies; it puts them into perspective.
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