I just came across an interesting JPMorgan report that presents a quite ambitious gold price forecast for 2028. The analysts expect gold to reach $6,000 per ounce by then—that would be an increase of about 110 percent from today. What’s behind this is actually a shift in investment behavior.

The core idea: investors worldwide are currently adjusting how they allocate their wealth. So far, gold accounts for only 2.6 percent of the allocation, while nearly half is in stocks. If that shifts to 4.6 percent gold—which seems quite realistic given market turbulence—then a significantly higher gold price will be needed to meet this demand.

What interests me most: this year, behavior has changed noticeably. Investors are now buying stocks and gold simultaneously, a clear break from 2023 and 2024, when money heavily flowed into long-term bonds. The reason is simple—bonds have simply not proven to be effective hedging instruments against stock risks. After simultaneous crashes in stock and bond markets, many realized that the old strategy no longer works.

The macroeconomic environment also favors rising gold prices. Geopolitical uncertainties, inflation concerns, fears of currency devaluation due to high government deficits—all of this drives demand. JPMorgan even compares the situation to the 70s and 80s but sees an important difference: back then, it was fear of currency loss; today, gold is a structural hedge against stock volatility. That’s actually something new.

However: the gold price forecast for 2028 is not set in stone. It’s based on the assumption that investment behavior will shift significantly. Whether that happens depends on many factors—Fed policy, the global economy, the dollar’s development. But interestingly, despite the recent correction in gold prices, there’s no panic in the market. This suggests that many investors are in it for the long term.

Overall, the report shows that something fundamental is shifting in global asset allocation. Whether the ambitious forecast will come true will be seen in the next two years. Anyone holding gold in their portfolio should keep an eye on this development.