Good news? The U.S. and China reached a 90-day agreement to cut reciprocal tariffs by 115%.

More good news? Gold should rip higher this year — and in the years to come. Today? Not so much. Stocks are getting all the attention.

But according to one of the world’s biggest banks, that doesn’t mean the yellow metal is going to miss out on the action for long…

JPMorgan made headlines late last week with its strikingly bullish outlook for gold, forecasting that prices could soar to $6,000 per ounce by the end of President Donald Trump’s term in January 2029.

That’s an 80% increase from current levels, by the way.

This scenario, according to the bank’s analysts, does not require a seismic shift in global finance. Instead, it could be triggered by a modest reallocation of just 0.5% of foreign-held U.S. assets into gold, reflecting a growing uncertainty around the U.S. dollar.

JPMorgan’s calculations suggest that such a small shift could result in an estimated $273.6 billion (about 2,500 metric tons) flowing into the precious metal over four years.

While this represents only 3% of total gold holdings, the bank emphasizes that “the additional demand impulse on a quarterly basis is quite immense.”

With gold supply relatively stable, even a minor uptick in demand can send prices sharply higher. As JPMorgan puts it: “While hypothetical, this scenario illustrates why we remain structurally bullish on gold and think prices have further to run.”

And recent market action supports this optimism…

Your Rundown for Monday, May 12, 2025...

Jim Rickards’ Gold Playbook

Gold has rallied nearly 28% so far this year, regularly breaking records, including the $3,500-an-ounce milestone last month.

In fact, prices have doubled over the past three years, reflecting the metal’s appeal as a safe haven amid geopolitical turbulence and economic uncertainty.

The Trump administration’s trade policies — and calls for “burden sharing” among U.S. allies — have rattled confidence in the dollar, prompting foreign investors to seek refuge in gold.

And JPMorgan’s $6,000 scenario builds on its already optimistic projections…

Just last month, the bank predicted gold would average $3,675 an ounce by the fourth quarter of this year, on its way to $4,000 by mid-2026.

The message is clear: Even a slight shift in global capital flows could unleash a powerful rally in gold.

With such a bullish backdrop, how should investors position themselves? According to Paradigm’s macro expert Jim Rickards, the answer is to prioritize physical gold over “paper gold.”

Jim distinguishes: “The two main ways to invest in gold are what I call paper gold and physical gold bullion.

“Paper gold includes securities linked to the price of gold, such as exchange-traded funds (GLD), COMEX gold futures or unallocated gold purchase agreements from large banks.”

While these instruments offer price exposure and potential gains, Jim warns: “You do not own gold bullion…

• “Many things can go wrong with a paper gold strategy including early termination of contracts, closure of futures exchanges or the failure of a dealer bank. You may find that you’re out of the gold market just when you most want to be in it.”

For Jim, physical bullion is the superior choice.

He recommends practical options: “American Gold Eagle coins from the U.S. Mint in one-ounce or one-quarter ounce denominations are practical. For larger amounts you can look at 1-kilo gold bars from a reputable refiner.”

He cautions against buying “rare” or “pre-1933” coins unless you are a collector, noting: “The premium for such coins is high and they are not worth the extra expense. Gold is gold.”

Storage is also critical. “Do not store your bullion in a safe deposit box. Banks are the first place the government will lock down in a crisis. Your gold could be seized. Use a private storage company or install a home safe.”

And above all, Jim offers this practical advice: “The best protection is not to tell anyone you have gold. That way no one will come looking.”

In a world where even a small shift in investor sentiment could send gold prices soaring, Jim’s approach offers a roadmap for those seeking true security — and real ownership — in the gold market.

Of course, we’d be remiss if we didn’t remind you that gold $6,000 is simply a mile marker on its way to Jim’s ultimate gold forecast.

Market Rundown for Monday, May 12, 2025

S&P 500 futures are up 3% to 5,850.

Oil is up almost 4% to $63.45 for a barrel of WTI.

Gold is down 3.5% to $3,224.20 per ounce.

And Bitcoin is down 0.55% to $103,945.