The gold market is scorching right now. In 2025, it’s chalking up gains that many haven’t seen in decades. And now, even skeptics like JPMorgan CEO Jamie Dimon are starting to whisper: maybe gold isn’t totally crazy anymore.
So yes the rally has drawn Dimon’s attention. And yes there’s even chatter about Costco selling gold bars. What’s really going on? Why is this rally so wild? And does Dimon’s shift in tone mean we’re entering a new era for precious metals? Let’s break it down.
The Rally Nobody Saw Coming (But Many Now Believe In)
Gold is on a tear. As of October 2025, the price of gold has vaulted past $4,000+ per ounce, surging around 60% year-to-date. That’s not a small move it outpaces many equities and alternative assets.
What’s fueling it?
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Institutional demand & central bank buying Many central banks are reinforcing gold reserves, seeing the metal as a hedge against geopolitical risk or currency devaluation.
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Macro uncertainty & inflation fears With shaky confidence in fiat currencies and persistent inflation risks, gold is getting viewed more often as a safe haven.
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Crowded benchmark territory When both equities and bonds look richly priced (or overvalued), gold becomes one of the few “alternative” bets people turn to. Dimon himself said that “asset prices are kind of high across almost everything.”
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Retail behavior & FOMO It’s not just institutions. Retail buyers are chasing bars and coins as the price escalates, thinking there’s upside to capture.
In short: gold’s no longer an ignored corner of the portfolio. It’s front and center in investor minds again.
Dimon’s Change of Heart: “Semi-Rational” to Own Gold
Jamie Dimon hasn’t been a gold bull his whole life. Historically, he’s been cautious. But in recent remarks, made at the Fortune Most Powerful Women conference, he softened that stance:
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He said he’s “not a gold buyer” (meaning he doesn’t hold large allocations) partly because it “costs 4% to own it.”
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However, he noted that “it could easily go to $5,000 or $10,000 in environments like this.”
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He called it “semi-rational to have some [gold] in your portfolio.”
That’s a shift. For someone of Dimon’s stature to say holding gold makes sense now signals he sees something structural, not just a short-term mania.
“Maybe He Should Go to Costco” A Wink at Retail Gold
One of the more amusing lines in the coverage: “Maybe he should go to Costco.” That comes from observations that even retail consumers are stacking gold bars some bought from big-box outlets.
Here’s what that line hints at:
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Gold is no longer only for central banks, institutions, or the ultra-wealthy. Everyday buyers are participating.
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The gap between “physical gold as commodity” and “retail collectible” is shrinking.
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If someone like Dimon who deals in institutional scale starts sounding like he might peek at what Costco has on offer, it suggests gold is seeping into mainstream consciousness.
So yes, it’s partly playful but also symbolic of gold’s shift from niche to broad investor radar.
Risks, Warnings & Bubble Talk
This kind of enthusiastic rally doesn’t come without downside. Dimon himself has warned that we may be seeing signs of “bubble territory.”
Key risks:
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Valuation stretch — When gold leaps so much, part of the gains may be “too far, too fast.”
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Cost of carry — Holding physical gold (storage, insurance, transfer) isn’t free that 4% cost Dimon mentioned eats into net return.
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Profit taking & demand fatigue — As prices hit psychological or technical levels, allocations may shift or retrace.
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Macroe changes — A hawkish Fed move, global rate shocks, or improved confidence in fiat systems could reverse gold’s appeal.
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Illiquidity risk — Physical gold and coins are less liquid than stocks people may find it harder to unload at peak.
So, while gold’s narrative is strong today, prudence is still essential.
What Dimon’s Shift May Signal for Investors
When a banking titan like Dimon tweaks his tone on gold, it matters. Here’s what it could mean:
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Greater institutional legitimacy for gold — If Wall Street starts to view gold seriously again, capital flows could shift.
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More allocations to gold in portfolios — Some fund managers or family offices that previously excluded gold may reintroduce small positions.
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Price targets and spikes — With Dimon estimating $5,000–$10,000, that becomes a narrative investors debate, breathlessly.
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Heightened scrutiny — As gold rises, calls for transparency, regulation, and caution will grow louder.
Even for skeptics, his words shift the playing field.
From Record Rally to Reality Check
Gold’s meteoric run has turned it from “ancient hedge” into a front-line financial conversation. Dimon’s semi-rational nod is more than headline fodder it’s a reflection that even traditional finance heavyweights see structural stress in the system.
But while it’s tempting to dream of a $10,000 ounce, we must balance optimism with realism. Gold has upside, yes but it also carries costs, volatility, and the risk of reversal.
If you’re considering adding gold now, don’t treat it like a speculative punt. Think of it as insurance, diversification, or a hedge not a ticket to get rich overnight.
And who knows maybe someday Dimon really will stroll into Costco, pick up a bar, and say, “Yep, this makes sense.” Stranger things have happened.
