Jamie Dimon says this red-hot asset could easily go up another 135% — adding it’s one of the ‘few times’ to own some

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JPMorgan CEO Jamie Dimon isn’t known for making bold price calls. In fact, the banking titan has recently struck a cautious tone, warning that the U.S. economy is “weakening.” Yet despite those concerns, he sees big upside in one asset.

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During an interview at Fortune’s Most Powerful Women conference in Washington, Dimon was asked whether he thought gold was overvalued or undervalued.

“I don’t know,” he said. “I mean, I’m not a gold buyer — it costs 4% to own it.” (1)

Because gold doesn’t pay interest, investors forgo the yield they could earn from, say, short-term Treasuries — that’s the opportunity cost of owning the metal. Physical gold can also come with additional carrying costs, such as storage, vaulting fees and insurance.

But despite that initial quip, Dimon didn’t dismiss gold outright.

“It could easily go to $5,000, $10,000 in environments like this,” he said. “This is one of the few times in my life it’s semi-rational to have some in your portfolio.”

His comments come at a time when economic uncertainty, sticky inflation, stretched equity valuations and geopolitical tensions have pushed many investors toward traditional safe havens. Gold prices have already surged more than 50% over the past year, recently topping $4,200 an ounce. A move to $10,000 would mean another 135% jump from current levels.

“Asset prices are kind of high,” Dimon added. “In the back of my mind, that cuts across almost everything at this point.”

His remark echoes a growing unease among market watchers: valuations across multiple asset classes have swelled after years of easy money and resilient investor appetite. Federal Reserve chair Jerome Powell recently cautioned that stock prices “are fairly highly valued.” (2) And with Americans now holding a record share of their wealth in equities, economists are warning of a possible “downshift in returns” ahead.

Why this classic safe haven is shining again

One of the biggest reasons investors turn to gold is its reputation as a hedge against inflation — a force that’s been quietly eroding the purchasing power of Americans’ money for decades. According to the Federal Reserve Bank of Minneapolis, $100 in 2025 has the same buying power as just $12.05 did in 1970. (3)

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Gold is considered a natural hedge because, unlike paper currency, it can’t be printed at will by central banks. That scarcity is part of what gives the metal its enduring appeal.

It’s also widely viewed as the ultimate safe-haven asset. Gold isn’t tied to any single country, currency or economy and when financial markets turn volatile or geopolitical tensions flare, investors often flock to it — driving prices higher.

Dimon isn’t the only one pointing to gold’s potential. Prominent investors have long highlighted the metal’s role in building a resilient portfolio.

Ray Dalio, founder of the world’s largest hedge fund, Bridgewater Associates, told CNBC earlier this year that “people don't have, typically, an adequate amount of gold in their portfolio,” adding that “when bad times come, gold is a very effective diversifier.”

Jeffrey Gundlach, founder of DoubleLine Capital and widely known as the “Bond King,” echoed that sentiment. He recently said that a 25% portfolio allocation to gold “is not excessive,” calling the metal “an insurance policy” that’s likely to remain “in a winning mode” amid ongoing dollar weakness.

Read more: Warren Buffett says you can’t buy time — but landlords are finding a way. Here’s how savvy real estate investors are avoiding 12 hours a month in tedious admin (for free)

For those looking to capitalize on gold’s potential while also securing tax advantages, one option is to open a gold IRA with the help of Goldco.

Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, which combines the tax advantages of an IRA with the protective benefits of investing in gold, making it an attractive option for those looking to potentially hedge their retirement funds against economic uncertainties. With a minimum purchase of $10,000, Goldco offers free shipping and access to a library of retirement resources. Plus, the company will match up to 10% of qualified purchases in free silver.

If you’re curious whether this is the right investment to diversify your portfolio, you can download your free gold and silver information guide today.

A time-tested income play

Gold isn’t the only asset investors turn to during inflationary times. Real estate has also proven to be a powerful hedge, with the added benefit of generating passive income through rent.

When inflation rises, property values often increase as well, reflecting the higher costs of materials, labor and land. At the same time, rental income tends to go up, providing landlords with a revenue stream that adjusts for inflation.

Over the past five years, the S&P Cotality Case-Shiller U.S. National Home Price NSA Index has jumped by 49%, reflecting strong demand and limited housing supply. (4)

Of course, high home prices can make buying a home more challenging, especially with mortgage rates still elevated. And being a landlord isn’t exactly hands-off work — managing tenants, maintenance and repairs can quickly eat into your time (and returns).

The good news? You don’t need to buy a property outright — or deal with leaky faucets — to invest in real estate today.

Mogul is a real estate investment platform offering fractional ownership in blue-chip rental properties, which gives investors monthly rental income, real-time appreciation and tax benefits — without the need for a hefty down payment or 3 A.M. tenant calls.

Founded by former Goldman Sachs real estate investors, the team hand-picks the top 1% of single-family rental homes nationwide for you. Simply put, you can invest in institutional quality offerings for a fraction of the usual cost.

Each property undergoes a vetting process, requiring a minimum 12% return even in downside scenarios. Across the board, the platform features an average annual IRR of 18.8%. Their cash-on-cash yields, meanwhile, average between 10 to 12% annually. Offerings often sell out in under three hours, with investments typically ranging between $15,000 and $40,000 per property.

Every investment is secured by real assets, not dependent on the platform’s viability. Each property is held in a standalone Propco LLC, so investors own the property — not the platform. Blockchain-based fractionalization adds a layer of safety, ensuring a permanent, verifiable record of each stake.

Another option is First National Realty Partners (FNRP), which allows accredited investors to diversify their portfolio through grocery-anchored commercial properties without taking on the responsibilities of being a landlord.

With a minimum investment of $50,000, investors can own a share of properties leased by national brands like Whole Foods, Kroger and Walmart, which provide essential goods to their communities. Thanks to Triple Net (NNN) leases, accredited investors are able to invest in these properties without worrying about tenant costs cutting into their potential returns.

Simply answer a few questions — including how much you would like to invest — to start browsing their full list of available properties.

A finer alternative

It’s easy to see why great works of art tend to appreciate over time. Supply is limited and many famous pieces have already been snatched up by museums and collectors. That scarcity also makes art an attractive option for investors looking to diversify and preserve wealth during periods of uncertainty and inflation.

In 2022 — shortly after U.S. inflation hit a 40-year high — a collection of art owned by the late Microsoft co-founder Paul Allen sold for $1.5 billion at Christie’s New York, making it the most valuable collection in auction history. (5)

Investing in art was traditionally a privilege reserved for the ultra-wealthy.

Now, that’s changed with Masterworks — a platform for investing in shares of blue-chip artwork by renowned artists, including Pablo Picasso, Jean-Michel Basquiat and Banksy. It’s easy to use and with 23 successful exits to date, every one of them has been profitable thus far.

Simply browse their impressive portfolio of paintings and choose how many shares you’d like to buy. Masterworks will handle all the details, making high-end art investments both accessible and effortless.

Masterworks has distributed roughly $61 million back to investors. New offerings have sold out in minutes, but you can skip their waitlist here.

See important Regulation A disclosures at Masterworks.com/cd

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@fortune (1); CNBC (2); Federal Reserve Bank of Minneapolis (3); S&P Global (4); Christie’s (5)

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

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