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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.
Additionally, gold has long had a reputation for being a solid hedge against inflation — which is a force that’s been quietly eroding the purchasing power of Americans’ money for decades.
In fact, according to the U.S. Bureau of Labour Statistics CPI Inflation Calculator, $100 in February 2026 had the same buying power as just $11.63 in February 1970 (4).
Gold is considered a natural hedge because, unlike paper currency, it can’t be printed at will by central banks. That scarcity is part of what gives the metal its enduring appeal.
It is perhaps this combination of factors that led to gold prices hitting an all-time high of $5,589.38 per ounce in January 2026 (5). Although for it to reach $10,000, as Dimon suggested it could, gold’s value would need to jump by 131%, based on spot prices from early January, especially after recent pullbacks.
To be clear, gold has already cleared the low end of Dimon’s bracket, but the question remains: can it soar even higher?
Dimon isn’t the only one pointing to gold’s potential. Prominent investors have long highlighted the metal’s role in building a resilient portfolio.
Ray Dalio, founder of the world’s largest hedge fund, Bridgewater Associates, told CNBC that “people don’t have, typically, an adequate amount of gold in their portfolio,” adding that “when bad times come, gold is a very effective diversifier (6).”
One way to get into gold that can also provide significant tax advantages is to open a gold IRA with the help of Priority Gold.
Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, which combines the tax advantages of an IRA with the protective benefits of investing in gold. This can make it an attractive option for those looking to potentially hedge their retirement funds against economic uncertainties.
To learn more, you can get a free information guide to find out if gold is right for you and your portfolio. If you’re ready to commit, you could also get up to $10,000 in free silver on qualifying purchases.
Read More: I’m almost 50 years old and don’t have retirement savings. Is it too late to catch up?
Read More: Non-millionaires can now invest in this $1B private real estate fund starting at just $10
In addition to market volatility in 2025, the recent economic stumble caused by launching the war in Iran has many market experts feeling uncertain about what’s next.
The traditional take is that markets boom during a war, and gold in particular is a safe bet during politically turbulent times.
However, that’s not proving to be the case so far in 2026.
In spite of the heightened demand for gold in 2025 caused by uncertainty over Trump’s tariff policy, the price has not continued to rise despite the increased market uncertainty.
According to an article published by Deutsche Welle, there are several possible reasons that the price of gold has not yet blown up in the wake of the war with Iran (7). They range from a reluctance among central banks to buy up gold to changes in demand from the jewelry industry.
Ultimately, only time will tell if gold will make another historic surge, or if its record-breaking run is at an end.
That’s why it’s a good idea to keep in mind that, as Dalio says, gold is often best used as just one part of a well-diversified portfolio. It is just one high-value asset you can use to get away from a tumultuous market.
And when it comes to alternative assets, there are plenty of other options for wartime.
In 1999, the S&P 500 peaked, and it took 14 long years to fully recover.
Today? Goldman Sachs is forecasting just 3% annual returns from 2024 to 2034. It sounds bleak but not surprising: The S&P is trading at its highest price-to-earnings ratio since the dot-com boom. Vanguard isn’t far off, projecting around 5%.
In fact, nearly everything feels priced near all-time highs — equities, gold, crypto, you name it.
That’s why billionaires have long carved out a slice of their portfolios in an asset class with low correlation to the market and strong rebound potential: post-war and contemporary art.
It may sound surprising, but more than 70,000 investors have followed suit since 2019 — through Masterworks. Now you can own fractional shares of works by Banksy, Basquiat, Picasso and more.
Masterworks has sold 27 artworks so far, yielding net annualized returns like 14.6%, 17.6% and 17.8%.
Masterworks’ most recent sale highlights another trend — faster exits beyond the more typical medium-hold period. Just 17 days after buying an Elizabeth Peyton painting for $1.16 million, it sold for $1.5 million — netting a 22.9% return for investors quick enough to buy in.
Moneywise readers can get priority access to diversify with art: Skip the waitlist here.
Note that Past performance is not indicative of future returns. Investing involves risk. See important Regulation A disclosures at Masterworks.com/cd
Art and gold aren’t the only assets investors turn to during inflationary times. Real estate has also proven to be a powerful hedge, with the added benefit of generating passive income through rent.
When inflation rises, property values often increase as well, reflecting the higher costs of materials, labor and land. At the same time, rental income tends to go up, providing landlords with a revenue stream that adjusts for inflation.
For instance, according to RealPage, a software provider to the real estate industry, average effective asking rents for market-rate apartments in the U.S. are expected to grow in 2026 (8).
In fact, RealPage forecasts a 2.3% rent climb across the country this year. If true, that would be a stark contrast from the 0.7% rent price decline during 2024.
That said, high home prices can make buying a home more challenging, especially with mortgage rates still elevated. And being a landlord isn’t exactly hands-off work — managing tenants, maintenance and repairs can quickly eat into your time, not to mention your returns.
The good news? You don’t need to buy a property outright — or deal with leaky faucets — to invest in real estate today.
Mogul is a real estate investment platform offering fractional ownership in blue-chip rental properties, which gives investors monthly rental income, real-time appreciation and tax benefits — without the need for a hefty down payment or late-night tenant calls.
Founded by former Goldman Sachs real estate investors, the team hand-picks the top 1% of single-family rental homes nationwide for you. Simply put, you can invest in institutional quality offerings for a fraction of the usual cost.
Across the board, the platform features an average annual IRR of 18.8%. Their cash-on-cash yields, meanwhile, average between 10% to 12% annually. Offerings often sell out in under three hours, with investments typically ranging between $15,000 and $40,000 per property.
Getting started is a quick and easy process. You can sign up for an account and then browse available properties. Once you verify your information with their team, you can invest like a mogul in just a few clicks.
If diversifying into multifamily or industrial rentals appeals to you, you could consider investing with Lightstone DIRECT, a new investing platform from the Lightstone Group, one of the largest private real estate companies in the country with over 25,000 multifamily units in its portfolio.
Since they eliminate intermediaries — brokers and crowdfunding middlemen — accredited investors with a minimum investment of $100,000 can gain direct access to institutional-quality multifamily opportunities. This streamlined model can help reduce fees while enhancing transparency and control.
And with Lightstone DIRECT, you invest in single-asset multifamily deals alongside Lightstone — a true partner — as Lightstone puts at least 20% of its own capital into every offering. All of Lightstone’s investment opportunities undergo a rigorous, multi-stage review before being approved by Lightstone’s Principals, including Founder David Lichtenstein.
How it works is simple: Just sign up with your email, and you can schedule a call with a capital formation expert to assess your investment opportunities. From here, all you have to do is verify your details to begin investing.
Founded in 1986, Lightstone has a proven track record of delivering strong risk-adjusted returns across market cycles with a 27.6% historical net IRR and 2.54x historical net equity multiple on realized investments since 2004. All told, Lightstone has $12 billion in assets under management — including in industrial and commercial real estate.
As such, even if multifamily rentals don’t appeal to you, Lightstone could still serve you well as an investment vehicle for other real estate verticals.
Get started today with Lightstone DIRECT and invest alongside experienced professionals with skin in the game.
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@fortune (1); CNN (2); CNBC (3); U.S. Bureau of Labor Statistics (4); CBS News (5); @CNBCInternationalLive (6); Deutsche Welle (7); RealPage (8)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
