To The Moon

Gold's rally appeared unstoppable, topping $4,000 an ounce for the first time on Tuesday. This makes$SPDR Gold ETF (GLD) $The year-to-date gain reached 52%, putting it on track for the biggest gain since 1979. In 1979, runaway inflation triggered investors to flock to safe-haven assets. Since the beginning of this year, some of the catalysts that have pushed up gold prices include economic uncertainty, concerns about inflation and the decline of the US dollar. "How long can gold's rally last?" Is undoubtedly the most concerned issue for investors recently. Here's what four Wall Street "big guys" have to say: Goldman Sachs: Up 22% by End of Next Year Goldman Sachs strategists recently raised their gold price target for the end of 2026 to $4,900 an ounce. That means gold prices will rise another about 22% by the end of next year. The bank pointed out that this was due to factors such as strong central bank buying, strong gold ETF inflows and the beginning of normalization of "speculative positions" among gold traders. Goldman also said it expects central bank gold purchases to average about 80 tons in 2025 and 70 tons in 2026. According to the report, this is because many emerging market central banks are trying to diversify foreign exchange reserves and increase their holdings of gold. Meanwhile, Western flows into gold ETFs are expected to remain strong as the Federal Reserve cuts interest rates. The bank's strategists wrote in a recent note to clients: "The inflows that have driven the 17% rally since August 26-inflows of gold ETFs (Western funds) and possible central bank buying, are sticky in our pricing framework." Ed Yardney: Up 146% by 2030 Ed Yardeni, a Wall Street veteran and president of investment advisory firm Yardeni Research, said he expects gold to climb to $5,000 by the end of 2026, with the potential to reach $10,000 by 2030. This means that the price of gold will rise by 23% next year and 146% over the next five years. Yardeni said he was bullish on gold due to ongoing economic uncertainty and his expectation that central banks will continue to buy gold aggressively. "Our bullish view is backed by'gold puts, 'and these central banks are increasing the proportion of gold in their international reserves," the market veteran said this week, citing a client note he wrote last September. Bank of America: Rally Could Stop Around $4,000, But It's Potential To Jump To $5,000 Bank of America technical strategist Paul Ciana said the rise in gold prices is sending some technical signals that the rally may be weakening. In a note to clients, Ciana pointed out signs, such as seven consecutive weeks of gains in precious metals and gold prices about 21% above its 200-day simple moving average. Historical patterns suggest gold could face resistance near $4,000 but could also bounce back to $5,000 before facing challenges, Ciana said. He compared the current gold price rise to the rise from 2015 to 2020, when the price surged 85% before a pullback occurred. "This gives us reason to be cautious about the round-number resistance level at $4,000, or the $5,000 resistance level after that," he added. HSBC: Gold prices could rise another 8% in 2026 James Steel, chief precious metals analyst at HSBC, wrote in a note to clients that gold prices could rise from $3,600 an ounce to $4,400 an ounce next year. This means that if the gold price hits the upper end of the bank's trading range, it will rise by about 8% from current levels. Steel said he believes gold prices are likely to remain above $4,000 an ounce in the short term due to factors such as geopolitical uncertainty, concerns about the independence of the Federal Reserve and the U.S. fiscal outlook. "However, this rebound is likely to wane as we move into 2026. If so, increased supply and reduced physical demand could have a greater impact on prices next year," Steel wrote. He later pointed out that the rise in the dollar and political changes in the United States and other countries could put downward pressure. "We expect prices will likely continue to surge in the near term, but expect a slowdown going into the second half of next year," he added. HSBC believes that the average price of gold will fall slightly back to $3,950 in 2026, and then drop to around $3,600 in 2027. For investors who are bullish on gold, they can use option strategies to go long on gold. Options Strategy: Using Put Options to Go Long Gold In the face of the strong trend of gold, we can use the option strategy to make efficient long trading. The current gold price is 372.3dollar, we can sellExpires November 21, 2025, exercise price $375, premium $1125Put Option to go long gold. This strategy can not only make profits when gold rises, but even if gold prices move sideways or fall slightly, you can still rely on premium to earn gains. Current price of underlying asset: $372.3 Option Type: Put Option (Put) Strike price: $375 Due: November 21, 2025 Premium: $1,125 Maximum Earnings: premium Revenue The maximum profit of the seller is the premium received of US $1,125. As long as the underlying price at expiration is ≥ US $375, the option will be invalid, and the seller will keep all the premium income. Breakeven: Strike price − premium = 375 − 11.25 = $363.75 The overall profit is only when the underlying price is above $363.75 at expiration; Breakeven at $363.75; Below this price, there will be a loss. At present, gold maintains a strong trend, and the market is expected to remain supportive in the environment of geopolitical risks and monetary easing. By selling put options with an exercise price of $375, investors can establish long exposure without directly buying gold. This strategy has profit potential in both rising and volatile markets, and using the premium as a buffer will help to steadily participate in gold long opportunities in volatile environments.