If you often monitor macro markets, you should notice an interesting phenomenon: Wall Street's major investment banks rarely reach a true consensus, especially regarding asset class judgments. Goldman Sachs and JPMorgan Chase frequently clash, Bank of America and UBS often have misaligned timeframes, and Morgan Stanley always has its own perspective.

But after reviewing their latest reports on gold, I sensed an indescribable anomaly. Rather than their bullish outlook on gold itself, it’s more about—their way of being bullish is too uniform. The time horizons are consistent, the logical starting points are the same, and the target ranges overlap. This is a clear signal in a Wall Street that has always been diverse in opinions.

Let's look at the numbers they provided:

JPMorgan Chase targets $5055 by Q4 2026, with a long-term goal of $5400-$6000; Goldman Sachs points to $4900 by the end of 2026; Bank of America directly expects $5000; UBS gives a range of $4500-$5000 in mid-2026, with an optimistic scenario of $5400; Morgan Stanley’s target is $4800.

A detail worth pondering: they are not fundamentally discussing "whether it can rise this year," but rather "where it will stand in the next few years." This has gone beyond short-term trading logic and entered the realm of asset re-pricing. This overall shift in expectations often indicates that they are re-evaluating gold’s role in global asset allocation.