Tariffs, Trump & Treasuries: Why $4,000 Gold Isn’t Crazy

$4,000 is coming

JPM on gold: "Tariff-driven recession and stagflation risks are forecasted to continue to supercharge gold’s structural bull run. We now see gold prices reaching an average of $3,675/oz by 4Q25 on the way towards above $4,000/oz by 2Q26...Moreover, we still think risks are skewed towards an earlier overshoot of these forecasts if demand continues to surprise our expectations