Gold has surrendered most of its 2026 gains, yet it remains one of the most debated asset classes.
For veteran strategist Jeffrey Currie, a former head of commodity research at Goldman Sachs, things will get worse before they ultimately get far, far better. He sees the metal initially tumble to $4,000 an ounce before rising to $10,000.
In a thread on X, Currie has admitted he has been “short gold” since March despite describing himself as a “gold perma bull.” As volatility in the precious metals market picked up, gold slid below $4,500 amid war-related inflation fears, triggering heavy selling pressure.
Forced Selling Pressure
Currie argues that the near-term weakness in gold is directly tied to the structural fallout from the Middle East conflict and the disruption of the Strait of Hormuz. Surging energy prices are forcing some central banks to liquidate gold reserves to defend local currencies and finance energy imports.
“When the marginal central bank flips from structural buyer to forced seller to pay for energy, gold’s biggest bid disappears,” Currie wrote.
Turkey is one example of that dynamic. According to Currie, the …
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