Jamie Dimon isn’t a fan of gold as an investment, but with the asset at record prices, he said adding it to your portfolio might actually make sense right now.
“It could easily go to $5,000 or $10,000 in environments like this,” he said.
Dimon added that because of the skyrocketing price of the asset, which hit its 47th record close of the year this week, it may make sense to hold the asset.
Though Dimon said he’s “not a gold buyer,” noting “it costs 4% to own it,” he added that because of the current market, holding some gold may make sense.
“This is one of the few times in my life, it’s semi-rational to have some in your portfolio,” he said.
However, gold, which was hovering at about $2,000 just two years ago, is still expensive—though that trend “cuts across almost everything right now.”
Others in the financial world have sounded the alarm about the rise of gold, especially as its ascent could reflect investor anxiety over the economy. Citadel CEO Ken Griffin is among one of the top names sounding the alarm about gold’s unusual climb.
