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JPMorgan CEO Jamie Dimon isn’t known for making bold price calls.
But during an interview in late 2025, Dimon made some pretty punchy claims when asked whether he thought gold was overvalued or undervalued.
Dimon started by saying, “I don’t know. I mean, I’m not a gold buyer — it costs 4% to own it (1).”
What he means is that physical gold can come with additional carrying costs, such as storage, vaulting fees and insurance. For the unwary, this can come as a surprise and undercut the precious yellow metal’s value — especially during periods of slow growth.
But despite his initial quip, Dimon didn’t dismiss gold outright — far from it.
“It could easily go to $5,000, $10,000, in environments like this,” he said. “This is one of the few times in my life it’s semi-rational to have some in your portfolio.”
But is he right to be so bullish on gold?
Here’s a look at why gold might be regaining some of its luster, an assessment of its competitiveness in 2026 and how you can protect your finances in uncertain times.
Dimon’s comments come at a time when economic and geopolitical uncertainty have been pushing many investors toward traditional safe havens. For instance, Dimon expressed concerns over the floundering job market in America during an interview with CNN (2), a key indicator of a slowing economy.
“Asset prices are kind of high,” he added. “In the back of my mind, that cuts across almost everything at this point.”
This remark echoes a growing unease among market watchers: Valuations across multiple asset classes have swelled after years of easy money and resilient investor appetite. Federal Reserve chair Jerome Powell recently cautioned that stock prices “are fairly highly valued (3).”
One of the biggest reasons investors turn to gold is that it’s widely viewed as the ultimate safe haven asset. Gold isn’t tied to any single country, currency or economy, and when financial markets turn volatile or geopolitical tensions flare, investors often flock to it — driving prices higher.
