JPMorgan market strategist Nikolaos Panigirtzoglou predicted that gold prices could rise to a range of $8,000 to $8,500 an ounce in the coming years in the face of volatility in the U.S. stock market and as retail investors increasingly rely on the yellow metal as a hedging alternative to bonds.
According to a report on the Barron’s website, Panigirtzoglou explained that retail investors’ interest in long-term bonds will decline from 2022 onwards, as the Federal Reserve’s sharp interest rate hike has caused the prices of stocks and bonds to fall simultaneously, reducing the performance of traditional portfolios such as a 60/40 portfolio that combines stocks and bonds.
He noted that investor frustration has worsened over the past year following the widespread wave of selling that the market witnessed on the so-called “liberation day” in April 2025. On the day, US President Donald Trump’s threat to impose sweeping tariffs led to selling pressure that affected both stocks and bonds.
He said the proportion of gold in individual investors’ portfolios now stands at around 3%, compared to around 1% a decade ago, and is expected to rise to 4.6% in the future, likely to be a factor pushing prices into the $8,000-$8,500 per ounce range.
Meanwhile, Panigirtzoglou warned that the path to the $8,500 level could be full of volatility, noting that emboldened traders have pushed gold and silver prices to excessive levels, raising the possibility of a short-term profit or a reversion of prices to the mean.
JPMorgan market strategist Nikolaos Panigirtzoglou expects gold prices to rise significantly in the coming years, potentially pushing them into the $8,000 to $8,500 an ounce range, as retail investors increasingly rely on the yellow metal as an alternative hedge to bonds in the face of volatility in the U.S. stock market.
According to a report in Barron’s, Panigirtzoglou explained that the sharp interest rate hike by the Federal Reserve has caused stock and bond prices to fall at the same time, worsening the performance of traditional portfolios such as a 60/40 portfolio that combines stocks and bonds, and reducing retail investors’ interest in long-term bonds from 2022 onwards.
He noted that investor frustration intensified last year after widespread stock selling in April 2025, known as “Emancipation Day.” At the time, President Donald Trump’s threat to impose blanket tariffs created selling pressure on both stocks and bonds.
He said gold now accounts for about 3% of individual investors’ portfolios, compared with about 1% a decade ago, and expects it to rise to 4.6% in the future, suggesting that this additional demand could push prices into the $8,000 to $8,500 range.
Meanwhile, Panigirtzoglou said that emboldened traders have pushed gold and silver prices to excessive levels, increasing the likelihood of profit taking and prices reverting to the mean in the short term, and warned that the path to the $8,500 level could be fraught with volatility.
