Gold at Record Highs — Is a Crash Coming in 2026?

"Instead of asking will gold crash the better question to ask in my opinion is what kind of downside is realistic in this type of environments and here are the scenarios that actually make sense. So you have scenario number one where you have volatility and consolidation. So this just means that gold the price of gold is going to move sideways for an extended period of time. So in other words, the price of gold is going to stay within a range."

"And then you have scenario number two where you can have sharp corrections within a bull market. So for this one, it's like, okay, gold can fall 15% or maybe even more on whatever news or current events, and that would feel devastating if it goes down 15%. But it would not resemble 2011 or 1980 when gold fell by 45% or 60%. So, I just want you to know that in a long-term bull market, we can still have sharp corrections."

"And then you have scenario number three where gold enters into a bare market. So, this is the scenario that many people fear that gold has peaked and it's just going to be down from here. However, you know, this is my opinion that this would require policy changes that are incompatible with today's debt levels and politics."