For years, gold has been the boring insurance policy in your portfolio — necessary, maybe, but not exactly thrilling. Danny Moses thinks that's changing fast. The trader who made his name spotting the housing bubble in The Big Short just made a bold prediction: gold prices will double from current levels over the next few years.
Moses doesn't see this as some distant possibility. The shift is already happening. "I think that already happened in 2025," he said, noting that gold and silver have quietly outperformed most other asset classes. What was once a hedge has become a leading asset, pushed along by macro forces that aren't going away anytime soon.
Why This Rally Looks Different
Moses draws a sharp line between silver and gold. Silver's surge comes down to supply and demand fundamentals — solar panels, electric vehicles, and AI data centers are devouring the metal faster than miners can dig it up. "The current demand for silver far outweighs the supply and there is no quick fix," he explained.
Gold's story is less about scarcity and more about trust. "Global central banks have been the biggest purchaser of physical gold as a hedge against their own incompetencies," Moses said. That buying trend shows no signs of slowing in 2026. Meanwhile, investor demand through ETFs like SPDR Gold Shares (GLD) keeps climbing, creating what he calls persistent "market dislocations."
Expect Bumps Along the Way
Moses isn't promising a smooth ride. "Of course, you could see a pullback, and we will no doubt have continued volatility," he cautioned. But the long-term setup remains solid as gold works its way deeper into portfolios through ETFs, mining stocks, and direct holdings.
Calling for gold to double sounds extreme — until you remember Moses made his reputation spotting stress before markets caught on. This time, he's watching currencies, central banks, and confidence. And he's betting gold's role is about to get a lot bigger.
