Gold, which has been on a tear recently, could reach even higher prices. According to a note released by JPMorgan, one of the world’s largest investment banks, the gold bull market may extend into 2029 with a relatively small allocation of U.S. assets held abroad into the precious metal.

Bank analysts stated that this price increase could occur if just 0.5% of the U.S.’s foreign assets shift to gold, a relatively small amount over the next four years. This would involve reallocating funds from other assets to purchase 2,500 metric tons of gold, requiring an investment of $273.6 billion during that period.

JPMorgan analysts’ prediction is not far-fetched, as it is supported by the relatively inelastic supply of gold. They suggest that if only 3% of the total market cap of the metal changes hands, it could produce a price upswing of over 80%.

“While hypothetical, this scenario illustrates why we remain structurally bullish on gold and think prices have further to run,” analysts wrote, highlighting the upside potential of the commodity.

Even with the recent trade war developments, with the Trump administration reaching a half-truce with China, gold has maintained some of the gains registered in 2025. Prices are still over $3,200 per troy ounce, signaling that there is still demand to support this key level.

JPMorgan’s predictions resonate with what others are also saying about gold. Frank Holmes, chief executive and chief investment officer of U.S. Global Investors in San Antonio, stated that gold might reach $6,000 during Trump’s second term, given the large surge in the global money supply.

In this same scenario, bitcoin could reach prices of $150K and even reach $250K, with a supply shock kicking in due to the scarcity of what investors are calling “digital gold.”

Read more: Veteran Fund Manager Predicts $6K Gold and Bitcoin Rallying to $120K–$150K

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