Gundlake, a billionaire investor who is known as the "debt king", said gold's record-breaking rally is far from over. He predicts that gold prices could climb to $4,000 per ounce, up 20% from the $3,345 level on Friday afternoon.

Gold rebounded strongly on Friday after a brief fall to a new low of $3,275 and returned above the 20-day moving average. Traders pointed out that if gold prices can continue to rebound, it will be expected to continue the bull market momentum triggered on Monday.

And Gundlack provided some theoretical support for this expectation. He noted that tariff-related volatility fundamentally changes traders’ perceptions of precious metals, and gold is no longer a speculative tool for short-term traders or a long-term holding tool for survivalists.

He believes that the market has regarded gold as a real monetary asset due to concerns about geopolitical turmoil, including various factors such as tariffs, and the scale of existing U.S. debt.

Gundlak also added that the current market environment for other risky assets such as stocks is challenging. US stocks may collapse in the short term, and the S&P 500 index may fall to 4,500 points. This means the index will fall 20% from its current level. In the medium term, investors are in a safe-haven market.

Healthy consolidation and big rise

Analysts pointed out that every adjustment in gold prices has begun with a sharp decline since Trump announced his victory in the 2024 presidential election, but it has gradually decreased as strong long-term bull market expectations move upwards and the time it takes to retract the decline.

The healthy consolidation of gold prices may continue in the short- to medium-term, but the structural factors that support gold's strength remain: weaker US dollar and volatility in U.S. Treasury yields, continued de-dollarization of BRICS central banks, concerns about the inflation of the U.S. fiscal deficit, and geopolitical issues between Ukraine, the Middle East and now India and Pakistan.

According to the World Gold Council, the global physical gold ETF market size increased by $11 billion to $397 billion in April, marking a strong buying.

JPMorgan Chase has also raised its gold expectations again, and commodity strategist Natasha Kaneva expects that gold prices will not take much effort to reach the ambitious $6,000 level in the next few years, which is equivalent to about 80% higher than the current level.

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