$8K gold is 'is in the cards' in 2026, says Peter Brandt
Gold prices climbed to a new record of $4,800 on Wednesday as the markets remained rattled over President Trump's threats to impose tariffs on European allies who opposed his demands to have the United States take control over Greenland.
Trump backed off those threats on Wednesday, saying in a post on Truth Social that he had worked out a "framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region" during a meeting with Mark Rutte, the secretary general of NATO.
The two men are currently at the World Economic Forum in Davos, Switzerland, where Trump spoke on Wednesday.
The Dow rallied 600 points after the president said he would not be pursuing new tariffs.
However, Trump did not provide any details about the framework of the deal he claims to have reached with Rutte, and his volatile approach to tariff threats means that investors can't rule out him renewing them again.
The prospect of a new trade war has led investors to flee risk assets, including bitcoin and all crypto-related stocks, and seek safety in gold and silver.
After a record-breaking year in 2025, geopolitical tensions have kept the rally in bullion going thus far in 2026, with no signs of slowing down.
Gold's safe-haven status remains intact
“Gold remains our highest conviction long or base case, the price by the end of this year is $4,900,” Daan Struyven, co-head of global commodities research at Goldman Sachs, said during a media briefing on Wednesday, according to CNBC.
Struyven pointed out that while central banks drove rallies of gold in 2023 and 2024, it was the private sector that helped accelerate it last year.
“Private investors are starting to diversify into gold through different channels,” he said.
In a recent survey released by the London Bullion Market Association (LBMA), analysts projected that gold could actually reach $7K this year, while silver might hit $160. In fact, analysts are predicting record highs for most precious metals in 2026, with platinum possibly reaching $3K.
But prominent investor Peter Brandt is even more bullish on the price of gold, saying in a post on X this week that if the "current bull cycle in Gold is similar in scope to previous bull cycles, then $8,000 is in the cards."
Brandt noted "all the grief" that has been given to prominent gold bull Peter Schiff, "especially by the cryptocultists," but added that Schiff "is having the last laugh."
If current bull cycle in Gold is similar in scope to previous bull cycles, then $8,000 is in the cards
undefined Peter Brandt (@PeterLBrandt) January 21, 2026
For all the grief given to @PeterSchiff especially by the cryptocultists, he is having the last laugh $GC_F #GOLD pic.twitter.com/8TWhJK9SQD
In addition to being one of the most vocal gold bulls, Schiff is also very outspoken in his disdain for bitcoin and other cryptocurrencies.
Schiff noted on Wednesday that gold was up $270 so far this week, exceeding the entire price of gold in April 2001.
"I remember when it took gold months, sometimes years, to move up that much," he said. "Now it happens in just a few days. Soon it will happen in just one day!"
The LBMA said that analysts are expecting gold to average 38% above last year's levels, driven by expectations of lower US real rates, additional Fed easing and the diversification away from the dollar by central banks.
"Geopolitical tension continues to cement gold’s role as the world’s premier safe haven," it said.