SUBSCRIBERS

Gold’s ‘semi-rational’ run gives Wall Street vertigo

If American households start to see that it is an essential hedge against inflation and devaluation of the greenback, then the sky is the limit

    • Bank of America Merrill Lynch sees gold reach US$5,000 per ounce by next year. The rationale is brutally simple – investment demand.
    • Bank of America Merrill Lynch sees gold reach US$5,000 per ounce by next year. The rationale is brutally simple – investment demand. PHOTO: BLOOMBERG
    Published Fri, Oct 17, 2025 · 04:06 PM

    WALL Street has finally capitulated to gold’s record-breaking run. 

    JPMorgan Chase chief executive officer Jamie Dimon’s reluctant endorsement was the inflexion point.

    “This is one of the few times in my life it’s semi-rational to have some in your portfolio,” said Dimon, adding that he was not a buyer, because “it costs 4 per cent to own it”, referring to what he could have earned in money markets instead. 

    Share with us your feedback on BT's products and services