I’d say JPMorgan’s $6,000 gold call is aggressive, but the underlying thesis is worth watching.
Gold’s rally is becoming more than a safe-haven trade. Central-bank diversification, geopolitical uncertainty and concerns over fiscal stability are creating structural demand. Even if central-bank buying slows temporarily, the broader trend hasn’t necessarily changed.
The biggest risk is a hawkish Fed and rising real yields, which could trigger another sharp pullback.
My take: I wouldn’t chase gold after such a huge run, but I also wouldn’t underestimate the structural bull case. The key question now isn’t whether gold can hit $6,000 — it’s whether the market is already pricing too much of that optimism.
@Capital_Insights [得意]
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