A commodities researcher at the banking giant Goldman Sachs thinks gold will surge to $4,000 per troy ounce by mid-2026.
Daan Struyven, Goldman’s co-head of global commodities research, outlined the prediction in a new discussion with the energy-focused strategy firm Veriten.
Gold is currently priced at $3,310.74 per troy ounce.
Struyven notes that gold and Bitcoin (BTC) have certain similarities that are attractive to investors in the current environment.
“Supply is very limited. The vast majority of the available gold supply has already been mined, and Bitcoin supply, by design, is limited, and I think this limited supply gives some confidence to investors who are worried about runaway inflation which may be caused by a potentially aggressive increase in money supply.”
Bitcoin has booked higher returns than gold over the past few years, but is also more volatile and sensitive to drawdowns, Struyven explains. The top crypto asset is more positively correlated with tech equities.
Because of that correlation, the Goldman Sachs analyst argues that gold is more effective as a safe-haven asset than BTC in terms of hedging against equity downside.
“Both Bitcoin and equities tend to do well when risk sentiment is positive.”
BTC is trading at $109,078 at time of writing after hitting a new all-time high of $111,814 late last week. The top-ranked crypto asset by market cap is up nearly 2.5% in the past week and 16% in the past month.
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