JPMorgan CEO Dimon admits: Holding gold is "somewhat reasonable," gold prices could easily rise to $5,000 or $10,000.

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JPMorgan CEO Jamie Dimon made a rare statement, saying that holding gold "has a certain rationality," and predicted that in the current environment, gold prices could easily rise to $5,000 or even $10,000. This is one of the few times in the career of this Wall Street leader that he has viewed gold allocation as "somewhat rational."

Dimon made this statement at the Fortune Most Powerful Women Summit held in Washington on Tuesday. On Wednesday, gold prices just hit a historical high of $4,200 per ounce, with an increase of nearly 60% since the start of this year, surpassing the performance of the stock market.

Dimon expressed caution about overall asset valuations, stating, "Asset prices are somewhat high," a judgment that "applies to almost all asset classes right now." He personally said he would not buy gold because the holding cost is as high as 4%, but admitted that allocating some gold in the current environment is reasonable.

Last week, Citadel founder and billionaire Ken Griffin also said that investors are beginning to view gold as a safer asset than the US dollar, calling this trend "truly concerning."

Gold Price Rally Continues, Wall Street Allocation Remains Low

Gold prices were still below $2,000 two years ago, and their increase so far this century has already outpaced the stock market. On Wednesday, gold continued its strong rally, climbing to a historical high of $4,200 per ounce, with a cumulative gain of nearly 60% this year.

Investor demand for safe-haven assets reflects concerns over inflation and geopolitical turmoil, and central bank demand for gold is one of the main drivers behind the sustained rise in gold prices.

Despite the sharp increase in gold prices, the allocation to gold among Wall Street professional investors remains low. According to the latest Bank of America fund manager survey, the gold allocation among Wall Street professional investors is only 2.4%.

In contrast, the allocation to cryptocurrencies is even lower, at only 0.4%, less than one-fifth of the gold allocation. This shows that gold is still relatively under-allocated at present.

Wall Street Tycoons Change Their Stance

The remarks by Dimon and Griffin on gold show that even Wall Street leaders who previously had reservations about precious metals are beginning to reassess the investment value of gold.

Dimon's multiple predictions about Bitcoin valuation over the past decade have not come true; this time, his judgment on the future of gold prices is more cautious.

The 4% holding cost Dimon mentioned mainly targets billionaires who need to store large amounts of gold bars. For ordinary investors, the cost of holding small amounts of gold is close to zero.

Griffin considers investors' shift to gold as a signal of declining confidence in the US dollar, reflecting growing market concerns over the stability of fiat currencies.

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