JP Morgan CEO: 'Gold Can Easily Go To $5,000 or $10,000'

Oct 15, 2025

“I am not a gold buyer — the cost of holding it is 4%. But in an environment like the current one, its price could easily rise to $5,000 or $10,000. This is one of the few times in my life when I feel that holding some gold in an investment portfolio is ‘semi-reasonable.’ ”

Jamie Dimon, CEO of JP Morgan Bank

These are interesting words today from Jamie Dimon.

Of course, as background JP Morgan Bank is one of four banks that own the London Precious Metals Clearing Limited (LPMCL) that has created and operates their software platform Aurum that executes all trades in London’s silver and gold markets.

This private Aurum software runs daily trading of hundreds of millions of oz. of gold and billions of oz. of silver promissory notes in the London immediate delivery spot/cash market - and this London cash market for gold and silver is having some problems lately.

This London precious metals market is suddenly seeing material numbers of holders of these promissory notes asking for immediate delivery of metal - metal that is not available to market. So much so that on Friday October 10, 2025, the London silver market was reported to have seized as there was zero liquidity of cash silver in the market.
This is the problem.

The market in London, the world’s largest physical gold and silver market, is transitioning to pricing gold and silver in its cash/spot market with physical gold and silver bars and away from pricing gold and silver with infinitely available promissory notes for immediate metal delivery.

And London can’t deliver because the 100s of millions of oz. of gold and billions of oz. of silver that have been sold to buyers are not there in London nor are they available to market for delivery at current prices.

So, as the brutally leveraged London cash gold and silver market is heading toward seizure, holding gold now seems ‘semi-rational’.

What is Jamie telling us?