JPMorgan: Is Gold Priced at $4,600 Really Expensive?

JPMorgan pointed out that, according to the traditional model (fair value of $1,000-$1,900), gold is significantly overvalued, but this does not mean it is "wrong"—the high premium reflects a rational pricing of geopolitical risks, damaged U.S. dollar credibility, and the failure of the 60/40 portfolio. The real drivers of the rally—the "century rebalancing" of Western pension funds into gold and stagflation trades—have yet to kick in, and $4,600 may be a worthwhile "insurance premium" to pay.

wallstreetcnMay 7 13:48

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