Gold has spent years being treated as insurance — useful, but rarely exciting. Danny Moses, best known as one of the traders featured in The Big Short, thinks that framing is already outdated. In an exclusive interview with Benzinga, Moses made a blunt call that cuts against market comfort: "Gold prices will double from here over the next few years."
- Track gold price via GLD ETF here.
For Moses, this isn't a future pivot — it's a trend already in motion.
"I think that already happened in 2025," he said, pointing to gold and silver outperforming most asset classes. In his view, precious metals have quietly shifted from hedge status to leadership assets, helped by macro forces that are no longer temporary.
Why Gold's Bid Looks Different This Time
Moses draws a clear distinction between silver and gold. Silver's rally, he said, is being driven by hard math: "The current demand for silver far outweighs the supply and there is no quick fix," with solar, EVs, and AI data centers pulling metal into industrial use.
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 — a buying trend he doesn't see slowing in 2026. On top of that, investor demand through ETFs continues to grow, creating what he calls ongoing "market dislocations."
Volatility First, Payoff Later
Moses isn't selling a straight-line rally. "Of course, you could see a pullback, and we will no doubt have continued volatility," he cautioned. But the long-term setup, in his view, remains intact as gold works its way into more portfolios — whether through ETFs, mining stocks, or direct exposure.
Calling for gold to double sounds extreme — until it doesn't.
Moses made his reputation by recognizing stress before markets were forced to price it in. This time, he's watching currencies, central banks, and confidence — and betting that gold's role is about to expand again, in a very big way.
Image: Shutterstock/Edited via Canva
