JPMorgan Analysts Project Gold Price Could Hit $6,000 by 2029

Analysts at banking giant JPMorgan Chase are forecasting a significant surge in the price of gold, predicting the precious metal could reach $6,000 per ounce by the year 2029.

The bold projection is based on a combination of factors identified by the bank's analysts. Key among these are the inherent nature of the gold supply, which is limited and not easily expanded, and the potential for a reallocation of a fraction of US foreign assets towards the precious metal.

According to the analysis, even a modest shift in large-scale asset management could dramatically impact the market. Specifically, transferring just 0.5% of US government foreign assets and using these funds to purchase gold could, by itself, be sufficient to "drive prices up sharply," according to the JPMorgan team.

This bullish outlook from JPMorgan aligns with similar predictions from other market observers. Frank Holmes, CEO of US Global Investors, has also publicly stated his belief that gold could attain the $6,000 level, specifically suggesting this might occur during a potential second term for President Donald Trump.

The forecast from the major financial institution highlights the growing confidence in the long-term trajectory of gold prices among some analysts, pointing to both supply-side constraints and the potential for large-scale institutional or governmental buying as significant future price drivers.