Yardeni Research is reiterating some of its most ambitious long-term market forecasts, maintaining that gold will reach $10,000 per ounce by the end of 2029, and predicting that the S&P 500 index will hit 10,000 points by then.
While Yardeni refrains from making valuation judgments on gold, the report reviews the reasons why the agency turned bullish when gold first broke through $2000 per ounce last year. The continued buying behavior of global central banks after Russia's reserves were frozen in 2022 is a key factor in its bullish stance.
As gold prices soar past $3000 this year, Yardeni has established a rising price channel and noted that reaching $4000 by the end of the year is a 'reasonable price target.' Given that current prices are consolidating above $4000, Yardeni expects the next round of increases to begin in mid-2026, targeting $5000 by the end of 2026.
The longer-term trend remains key to Yardeni's core argument. The report states: 'We still set a price target for gold to reach $10,000 by the end of 2029, and we expect the S&P 500 index to be trading at a record 10,000 points by then.'
The report adds: 'Gold is often negatively correlated with the S&P 500 in the cyclical sense, but over the long term, their trends are almost the same.'
Ed Yardeni, founder of Yardeni Research, previously stated that the S&P 500 index is unlikely to reach 7,000 points by the end of the year.
As a long-term bull, Yardeni has a cautious outlook on the annual performance of the U.S. stock market. He pointed out in early November: 'The key question is whether this rebound has risen too quickly, disconnected from the fundamentals, and whether it can sustain itself in the final part of this year. In a market with poor breadth, just one unexpected event could cause the stock market to pull back from its highs, but considering that traders are usually more optimistic around holidays, such a pullback may be difficult to occur.'#ETH走势分析 #加密市场观察