Famous Wall Street Legend Predicts Gold Could Hit $10,000

Gold’s recent dramatic selloff resulted from a convergence of factors following a surge in prices above $5,500 per ounce. The immediate catalyst was President Trump’s nomination of Kevin Warsh as the next Federal Reserve chair, who is viewed as hawkish on monetary policy. This sent the dollar higher and undercut investors who had bet on currency weakness, while expectations of tighter policy raised the opportunity cost of holding non-yielding gold. The selloff intensified amid extremely crowded positioning following gold’s 66% surge in 2025. Heavily leveraged investors faced rising margin requirements, followed by margin calls that triggered liquidations, creating a self-reinforcing downward spiral. A record wave of call option purchases had mechanically pushed prices higher, setting up conditions for a sharp reversal once momentum shifted and liquidity deteriorated.

Gold remains a compelling investment despite the recent substantial price declines because its fundamental value drivers remain intact. Central banks worldwide continue adding gold to their reserves as a hedge against currency instability and geopolitical uncertainty. Unlike paper assets, gold carries no counterparty risk and has preserved purchasing power across centuries of economic upheaval. The recent selloff presents an attractive entry point for long-term investors, as gold typically performs well during periods of monetary expansion, inflationary pressures, and market volatility—all factors that remain relevant in today’s economic environment.

Additionally, gold serves as a portfolio diversifier, often moving inversely to stocks and bonds during periods of stress. While short-term price movements can be volatile, gold’s role as a store of value and safe-haven asset makes it a prudent allocation for investors seeking stability and protection against potential economic disruptions ahead.

Market veteran Ed Yardeni, the market strategist and president of Yardeni Research, and one of the most respected voices on Wall Street, noted this when discussing the potential for gold at $10,000 per ounce, after already calling the precious metal hitting $5,000. 

Ed Yardeni stated that if gold continues on its current path, it could reach $10,000 before the end of the decade. More specifically, Yardeni’s key predictions included $5,000 per ounce by 2026 and $10,000 per ounce by 2029. In the long term, analysts expect gold to trade between $10,000 and $16,150 over the next 10 years.

Mr. Yardeni believes gold prices will rise dramatically for several reasons. Since Russia’s reserves were frozen in 2022, central banks worldwide have been buying more gold. This event has made countries such as China and India concerned about holding too many dollars, prompting them to buy more gold instead. Yardeni calls gold “physical bitcoin” and argues that gold is more reliable than Bitcoin when countries face political tensions, sanctions, or concerns about their banking systems. He sees gold not just as a hedge against inflation, but as a safeguard against broader problems in the global financial system as power spreads among more countries.

The bottom line for investors is this: the reason to own gold has not changed; a heavily leveraged trade exploded, which is why investors saw the massive, swift price decline. Here are two safe ways to own either physical gold or gold miners without picking individual stocks.

The SPDR Gold Shares ETF (NYSE: GLD | GLD Price Prediction) is one of the best pure-play gold ETFs for investors. The fund holds physical gold bullion and some cash. Each share represents one-tenth of an ounce of gold. The fund does not pay dividends.

GAMCO Global Gold, Natural Resources & Income Trust is an appropriate investment for investors seeking to add gold and energy stocks.  NYSE: GGN) is a non-diversified, closed-end management investment company. The investment objective is to provide a high level of current income through a monthly dividend of 6.91%.

The fund’s secondary investment objective is to seek capital appreciation consistent with the fund’s strategy and primary purpose. Under normal market conditions, the fund will attempt to achieve its objectives by investing 80% of its assets in equity securities of companies principally engaged in the gold and natural resource industries and by writing covered call options on those securities.

This popular Gabelli fund invests at least 25% of its assets in the equity securities of companies principally engaged in the exploration, mining, fabrication, processing, distribution, or trading of gold, or in the financing, management, control, or operation of companies engaged in gold-related activities.