Edward Yardeni, founder of Yardeni Research, is making a bold call: both the S&P 500 and gold will reach 10,000 by the end of 2029.
That would mean gold more than doubling from its current price near $4,500 an ounce, and the S&P 500 gaining roughly 30-40% from today's levels.
Yardeni reiterated these targets in a client note on December 3, 2025, as part of his "Roaring 2020s" thesis.
The S&P 500 path relies on earnings per share exceeding $450 and a sustained price-to-earnings multiple of 22x. He sees an intermediate target of 7,700 by the end of 2026.
The gold forecast is more striking. Yardeni argues the traditional inverse relationship between gold and equities has broken down, with both trending higher together.
Notably, Yardeni makes no mention of Bitcoin or crypto in his framework - an omission that underscores his confidence in gold as the primary store of value.