JPMorgan Chase CEO Jamie Dimon said Tuesday that gold prices could surge to $5,000 or even $10,000 per ounce in the current economic climate, calling it one of the rare times in his career when owning the precious metal makes sense.
Dimon made the remarks at a Fortune conference for women leaders held in the nation’s capital, where he described holding gold as “semi-rational” despite acknowledging he doesn’t personally invest in it.
“I’m not a gold buyer — it costs 4% to own it,” Dimon said. “But it could easily go to $5,000, $10,000 in environments like this. This is one of the few times in my life it’s semi-rational to have some in your portfolio.”
The comments arrive amid a historic surge in gold prices, which recently crossed $4,190 per ounce — marking a nearly 60% increase so far this year. Market analysts attribute the sharp rise to worries about persistent inflation, global tensions, and sustained purchases by the world’s central banks.
Dimon also expressed broader concerns about market valuations. “Asset prices are kind of high,” he said, adding that his unease “cuts across almost everything at this point.”
His comments echo recent observations from other prominent Wall Street figures. Last week, Citadel‘s billionaire founder Ken Griffin warned that investors now see gold as more secure than US currency, a shift he described as troubling.
The JPMorgan chief’s acknowledgment marks an unusual stance for an executive who has traditionally expressed doubt about alternative assets. Rather than encouraging speculation, Dimon framed gold ownership as protection against broader financial risks.
Just two years ago, gold traded below $2,000 per ounce.
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