JPMorgan’s Bold $6,000-Gold Call and What It Means for Today’s Bullion Buyers

Gold has broken numerous new highs through 2025, the price rally may still be in the early innings according to a report by JPMorgan that lays out a surprisingly simple path to an 80% price surge by 2029.

A tiny asset shift, a giant price move

• 0.5 % of all foreign held U.S. financial assets, which is roughly US $274 billion, or about 2,500 metric tonnes of metal, would be enough to push bullion to US $6,000/oz, JPMorgan’s strategists argue.
• The current global gold mining supply grows only marginally each year, and even that modest inflow would create an outsized squeeze on available ounces.

Why the timing looks plausible

Central-bank demand: Persistent buying from central-banks across the globe has provided a “solid floor” under the market. This has insulated prices from ETF outflows. When prices dip there is institutional demand to sweep up.

Geopolitics & trade friction: Constant tariff headlines and talk of currency blocs keep investors wary of dollar assets. Gold is the default hedge against both currency debasement and sanctions risks.

Supply constraints: New gold mine approvals remain slow; grades are falling. A tight physical market magnifies the impact of incremental demand.

Perspective: records and records still to beat

The gold spot price cleared £2,600/oz in April 2025, up ~28 % YTD.

In real terms, the 1980 mania would equal roughly £2,500/oz today. A move to US $6,000/oz would therefore mark a new inflation-adjusted high by a wide margin.

What a US $6,000 target means for our customers

• 1. Premiums on physical gold may spike as retail gold mints struggle to keep up with demand. Locking in product now or arranging a sell price in advance can help avoid last-minute shortages.
• 2. Storage matters. At US $6,000, one standard 400-oz LBMA bar is a US $2.4 million asset. Professional vaulting or insured depository services become essential with this increased value.
• 3. Paper vs. metal. Futures and ETFs track price, but they can’t sidestep potential liquidity caps or redemption gates if the squeeze JPMorgan envisions actually develops.

Three practical steps before you buy or sell

• Check the spread, not just the spot. Tight spreads on 1oz gold coins or 100-g bars can shave 0.5 – 2 % off transaction costs.
• Verify refinery accreditation. Look for Good Delivery lists from the LBMA and COMEX to ensure easy resale worldwide.
• Think ahead on taxes. Gold and silver British legal tender coins in the UK are CGT exempt, bars are not.

The bottom line

JPMorgan’s math shows that it wouldn’t take a wholesale flight from U.S. assets to ignite a second-leg bull market. Layer in record-breaking central-bank buying and a supply pipeline that can’t keep pace, and the path to US $6,000/oz suddenly looks less like hyperbole and more like a plausible and even conservative possibility.

Whether you’re looking to lock in profits from heirloom gold jewellery or add freshly minted gold bars to your portfolio, today’s market offers a rare window: prices are already strong, but the fundamentals suggest gold’s best days may still lie ahead.