'We’re in bubble territory': JPMorgan's Jamie Dimon warns gold’s record run may be red flag
ICICI Prudential Mutual Fund’s Chief Investment Strategist S. Naren echoed Dimon’s concerns, calling the surge in gold and silver a “warning sign.”
- Sep 23, 2025,
- Updated Sep 23, 2025 3:29 PM IST
Gold hit record highs Tuesday, but JPMorgan CEO Jamie Dimon warned that a broad asset bubble could be inflating across markets, from bullion to Bitcoin.
Spot gold reached an all-time high of $3,759.02 an ounce before easing to $3,743.39, as a weaker US dollar continued to boost demand. US gold futures for December delivery rose 0.1% to $3,779.50.
At the JPMorgan India Investor Conference in Mumbai, Dimon sounded the alarm. “We’re getting in bubble stuff here,” he was quoted as saying in CNBC-TV18.
“I’m not saying I know exactly where we are, but there’s a lot of positive sentiment driving asset prices — highest stock prices ever, highest gold ever, highest crypto ever.”
Dimon’s remarks come amid surging demand for safe-haven assets and rising expectations of more US Federal Reserve rate cuts. The central bank lowered rates by 25 basis points last week and hinted at further easing, though divisions persist among policymakers.
Gold’s momentum has drawn caution from market watchers. “The short-term trend is still bullish intact, but we do expect a short-term pullback more due to technical factors,” Kelvin Wong, senior market analyst at OANDA, was quoted as saying in the report, pointing to support at $3,710 and $3,690.
ICICI Prudential Mutual Fund’s Chief Investment Strategist S. Naren echoed Dimon’s concerns, calling the surge in gold and silver a “warning sign.” Naren criticized the “anti-asset allocation” behavior of investors chasing past performance. “Buying after a rally often leads to long-term harm,” he said, noting that metals don’t generate income or fit traditional valuation metrics.
Investors now await remarks from Fed Chair Jerome Powell for clarity on monetary direction. Meanwhile, internal debate continues, with new Fed Governor Stephen Miran arguing the central bank risks damaging the labor market by not cutting more aggressively.
Naren advised against heavy concentration in gold or silver. “Diversification is key,” he said. “People tend to buy high and sell low — that’s the real risk.”
Gold hit record highs Tuesday, but JPMorgan CEO Jamie Dimon warned that a broad asset bubble could be inflating across markets, from bullion to Bitcoin.
Spot gold reached an all-time high of $3,759.02 an ounce before easing to $3,743.39, as a weaker US dollar continued to boost demand. US gold futures for December delivery rose 0.1% to $3,779.50.
At the JPMorgan India Investor Conference in Mumbai, Dimon sounded the alarm. “We’re getting in bubble stuff here,” he was quoted as saying in CNBC-TV18.
“I’m not saying I know exactly where we are, but there’s a lot of positive sentiment driving asset prices — highest stock prices ever, highest gold ever, highest crypto ever.”
Dimon’s remarks come amid surging demand for safe-haven assets and rising expectations of more US Federal Reserve rate cuts. The central bank lowered rates by 25 basis points last week and hinted at further easing, though divisions persist among policymakers.
Gold’s momentum has drawn caution from market watchers. “The short-term trend is still bullish intact, but we do expect a short-term pullback more due to technical factors,” Kelvin Wong, senior market analyst at OANDA, was quoted as saying in the report, pointing to support at $3,710 and $3,690.
ICICI Prudential Mutual Fund’s Chief Investment Strategist S. Naren echoed Dimon’s concerns, calling the surge in gold and silver a “warning sign.” Naren criticized the “anti-asset allocation” behavior of investors chasing past performance. “Buying after a rally often leads to long-term harm,” he said, noting that metals don’t generate income or fit traditional valuation metrics.
Investors now await remarks from Fed Chair Jerome Powell for clarity on monetary direction. Meanwhile, internal debate continues, with new Fed Governor Stephen Miran arguing the central bank risks damaging the labor market by not cutting more aggressively.
Naren advised against heavy concentration in gold or silver. “Diversification is key,” he said. “People tend to buy high and sell low — that’s the real risk.”