Ed Yardeni: S&P 500 AND Gold Both Hitting 10,000 by 2030 #Stocks #Gold #Investing

Wealthion
WealthionMar 21, 2026

Why It Matters

If both equities and gold reach such lofty nominal levels, it would reshape allocation strategies, push valuations and liquidity narratives, and influence risk management and investor demand across markets. Investors and portfolio managers should re-evaluate diversification, hedging and long-term return assumptions in light of Yardeni’s scenario.

Summary

Macro strategist Ed Yardeni says that when plotted on a logarithmic scale the S&P 500 and gold show similar long-term trends despite cyclical inverse moves, making gold an effective portfolio diversifier. He reiterates his bullish “roaring 2020s” base case that the S&P 500 could reach 10,000 by the end of 2029 and argues that rising investor nervousness and diversification flows could drive gold to the same numeric level. Yardeni emphasizes that while gold may underperform during equity rallies, it tends to compensate during equity drawdowns. His forecast hinges on continued structural bull-market dynamics for both assets through the decade.

Original Description

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