The legends on Wall Street have been trying to drive one message home all year: buy gold.
Investors have ample reason in 2025 to take the recommendation more seriously than in previous years. For one, gold is on track for its best year since the 1970s, up 38% year-to-date.
The rally has been supported by investors’ concerns about higher inflation, the strength of the US economy, and the sustainability of the US debt.
Here are some of the investing icons who say you should be adding gold to your portfolio.
Ray Dalio
The Bridgewater founder and billionaire hedge fund veteran said he believed gold and other non-fiat currencies would eventually become more valuable than traditional currencies.
That’s due to pressures from rising deficits around the world, Dalio said at a conference in Singapore on Friday, calling America’s debt pile “unsustainable.”
Government debt is inherently inflationary and can also cause investors to be more wary of holding a country’s currency or assets.
“We are going to see non-fiat currencies become a more important store of wealth and money,” Dalio said, suggesting that investors diversify their portfolio by allocating 10% of their total assets to bullion.
Jeffrey Gundlach
Wall Street’s “Bond King” listed gold among his top investment ideas in the current macro climate. That’s because the safe-haven can shield investors from higher inflation as well as the potential consequences of the US’s rising debt balance, Gundlach said, adding that he believed the US dollar would remain weak.
Speaking to CNBC this week, Gundlach said that investors allocating as much as 25% of their portfolios to gold was “not excessive.”
“I think that is an insurance policy. It’s in a winning mode because of the weaker dollar and I believe that’s going to continue,” he said.
Gundlach speculated that gold could climb past $4,000 by the end of the year, an 8% jump from current levels.
David Einhorn
The billionaire investor and Greenlight Capital co-founder said he would be happy if gold eventually reached $3,800 an ounce.
Einhorn’s firm has invested in the precious metal since the Great Financial Crisis, he told CNBC in May, largely due to risks stemming from the rising debt deficit.
“Gold is about the confidence in the fiscal policy and the monetary policy,” Einhorn said. “Since we bought gold in 2008 or so, it’s been clear to me that the US fiscal and monetary policies are both too aggressive and create a risk.”
Einhorn attributed gold as one of the reasons why his fund outperformed the broader market in the first five months of this year.
“It’s been a fabulous year for gold, which has been a core holding for us for a long time, ” he said.
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