2026 Gold Forecast: Why Wall Street Sees Gold Going To $5000- $6,000

J.P. Morgan, Goldman Sachs, UBS, Morgan Stanley, and Bank of America rarely agree on anything.

Usually, their analysts are fighting over market share and contradicting each other’s forecasts.

But right now, they share a unified vision for the future.

They all say gold will continue its ascent in 2026. And the numbers are aggressive.

J.P. Morgan forecasts gold to average over $5,055. Goldman Sachs sees $4,900. UBS just issued a $5,000 target with an upside scenario of $5,400.

Morgan Stanley calls for another 10% gain from current levels.

Bank of America is even more bullish. They say gold has a "likely path to $6,000."

When the biggest names on Wall Street reach this kind of consensus, smart investors pay attention.

The Real Story: Dollar Devaluation

Most mainstream news outlets focus solely on the rising price of gold. But they miss the underlying driver.

The real story centers on the dollar going down.

Ray Dalio, the legendary founder of Bridgewater Associates and one of the most respected macro investors in the world, recently published his year-end reflections on the state of the economy.

According to Dalio, the biggest market story of 2025 was the collapse of money's value. Specially the dollar, which fell around 10% in value in 2025.

But when you look at the dollar's value compared to gold, which climbed over 60% by comparison in 2025, then it gets even more interesting. 

Why? Because the dollar fell 39% against gold last year. That's a massive devaluation.

Consider the stock market through this lens. While the S&P 500 returned 18% in dollar terms, Dalio points out that the S&P actually fell 28% when measured in gold.

This means your stock portfolio lost nearly a third of its value relative to gold. That's the difference between measuring your wealth in real purchasing power, rather than depreciating paper currency.

The Silent Tax on Your Retirement

When currency loses value, your wealth and buying power decline with it.

Your retirement savings may show the same number on the statement. However, those dollars buy less and less every year.

This is the silent tax. It erodes the nest eggs of hardworking Americans while the government continues spending money it doesn't have.

Dalio identifies the "debt/money/markets/economy force" as a major driver shaping our financial reality.

The mechanics are straightforward. The US government spends far beyond its means. The Fed prints money to cover the shortfall. The inevitable result is a weaker dollar while hard assets like gold preserve value.

The Debt Spiral

The numbers confirm this trajectory. The U.S. national debt has surged to nearly $38.5 trillion. It's up over $2.2 trillion in just the past year.

That works out to roughly $6.12 billion added every single day.

This reckless spending creates a perfect storm for an economic collapse of the dollar's purchasing power. It makes a Gold IRA or physical metal ownership essential for wealth preservation.

Central Banks Are Dumping Paper for Gold

Central banks around the world see the writing on the wall. They have been buying gold at a pace not seen in decades. They have averaged over 1,000 tons annually for the past three years.

We have reached a historic tipping point. For the first time ever, gold now accounts for a larger share of central bank reserves than U.S. Treasuries.

The very institutions responsible for managing national currencies are moving away from paper assets. They are moving into physical gold.

Dalio notes that global politics have raised threats of conflict and increased military spending. This leads to more economic sanctions and protectionism. All of this "strengthened demand for gold and reduced foreign demand for US debt, dollars, and other assets."

The World Gold Council projects a massive potential upside. If central banks with less than 10% of their reserves in gold were to increase to just that threshold, it would require approximately $335 billion in gold purchases at current prices.

That is a staggering amount of buying pressure waiting in the wings. This central bank buying is a primary reason why major banks are so bullish on gold prices.

Is Your Portfolio Ready?

It’s not just central banks making moves. Gold ETFs saw record inflows of $26 billion in the last quarter alone. Total assets reached $472 billion.

Investors from Main Street to Wall Street are recognizing the truth. When governments spend recklessly and currencies lose purchasing power, gold acts as the ultimate inflation hedge.

Dalio's warning about debt assets is particularly relevant for anyone with money in traditional retirement accounts.

He writes that "because they are promises to deliver money, when the value of money goes down, their real worth is lowered even as their nominal prices rise."

Your 401k or IRA may show gains on paper. If those gains are denominated in a currency that is losing value, your wealth is shrinking.

There is no question whether gold will continue to rise. Every major player in the world is preparing for that outcome.

The real question is about your positioning. Will you benefit from this shift? Or will you watch your purchasing power erode while hoping the government stops spending money it does not have?

Don't leave your retirement to chance.

Contact National Gold Group today. Let us help you secure your savings with physical gold and silver before the dollar devalues further.