JPMorgan CEO Jamie Dimon has shifted his views on gold due to market conditions, considering it semi-rational to have in a portfolio as prices surge towards $4,300 per ounce. Gold has seen a 63% gain in 2025, outperforming JP Morgan shares. Costco’s sales of gold bars have spiked, drawing in private collectors.

Despite his skepticism, Dimon speculates gold could reach $5,000 or $10,000 per ounce in the current environment. High gold prices have led to strong demand at Costco, with one-ounce gold bars selling for over $1,300 more than in March. Costco is facing challenges as high prices impact sales of new gold coins and bars.

HSBC analyst James Steel notes that high gold prices are affecting sales of new gold coins and bars from some mints. However, demand for physical gold remains strong, with shops like University Coin and Jewelry seeing quick sales. Steel predicts the market could stabilize at a certain psychological level, but profit-taking may occur.

Dimon may not be stacking gold ounces anytime soon, but with prices surging, who knows? Costco’s success in selling gold contrasts with some mints experiencing a drop in sales. Steel believes all rallies must end eventually, but a near-term decline isn’t expected. Gold continues to hold allure for investors seeking safe-haven assets.

Read more at Yahoo Finance: Gold’s record rally has even gotten Jamie Dimon’s attention. Maybe he should go to Costco.