- Billionaire Eric Sprott put 98% of his $3 billion fortune in gold and silver — and says gold is headed to $10,000
May 14, 2026
Gold has had one of the greatest two-year runs in its history and the man who saw it coming says it's just getting started.
Eric Sprott, 81, was at his vacation rental in San Jose, Costa Rica in late January when Forbes checked in with him. This was right around the same time that silver had hit its all-time high of $100 an ounce, and Sprott wasn't impressed.
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"I'm not a geologist — I know nothing about rocks, but I know about numbers...if the reward's a big reward I can afford to lose," he told Forbes (1). "I think the prices are going much higher, quite frankly. I think silver can easily go to $200, even $300. I think gold could go to $10,000."
Days later, silver dropped to $76 and gold had pulled back below $5,000, but Sprott was still unfazed.
Such equanimity is easier when you've spent four decades being right about precious metals. Eric Sprott doesn't claim to be a geologist, even after decades of success in the mining sector. When asked how he finds the next billion-dollar play, he keeps it simple: "Numbers took me there, numbers. You don't have to be a geologist (3)."
Ray Dalio, the founder of Bridgewater Associates and one of the most closely watched macro investors in the world, has been making the same argument for years — that debt-laden governments inevitably devalue their currencies, that bondholders are the last to know and that gold is where you go when you stop trusting the math. He recommends as much as a 15% portfolio allocation (4) in gold.
Sprott began investing in gold and silver in the 1980s and has built a net worth Forbes now estimates at over $3 billion (2) — with 98% of it in gold and silver. His bets in the sector have grown four-fold in just two years.
What Sprott actually thinks is happening, and why
Sprott buys gold because he has a specific view about governments.
"I think all of us know that governments have been quite irresponsible in terms of the financial system and the printing of money and the overspending," he told Forbes. "Every government, whether it's Canadian, US, UK, Japan, you name it, they've all overspent. They just think that if you can print money, let's use the printer."
Story Continues
The theory is that when governments keep running big deficits and pumping more money into the economy, their currencies slowly lose value. That pushes investors toward assets with a limited or fixed supply — particularly gold and silver, which can't be printed on demand.
The U.S. national debt is currently $38.9 trillion (5) and is projected to keep rising over the coming decade, according to the Committee for a Responsible Federal Budget (6). At the same time, the Federal Reserve has kept interest rates higher than we've seen in nearly two decades (7), even after some recent cuts (8). Put all that together, and it's no surprise that gold has responded so strongly.
Gold was about $2,000 an ounce in early 2024, and by late January 2026, it had reached an intraday high of $5,595 (9) — a gain of roughly 180% in two years. According to VanEck's gold investment outlook, gold "has been the best-performing major asset class over the past two years, nearly doubling the returns of the S&P 500 over the trailing 12 months (10)." As of May 13, gold trades at approximately $4,700 per ounce (11), pulled back from its January peak but still much higher than 2 years prior.
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Where Dalio fits in — and why their views aren't actually that different
Sprott isn't the only high‑profile investor worried about today's finances, Ray Dalio has also been making a similar structural point, but with far less concentration.
At the Greenwich Economic Forum in October 2025, Dalio told investors to consider parking an unusually high percentage of their portfolios in gold right now (12).
"Gold is the only asset that somebody can hold and you don't have to depend on somebody else to pay you money for," Dalio told CNBC (13).
He agrees that high debt and loose monetary policy make gold attractive, but unlike Sprott's 98% portfolio, he recommends a much smaller, pragmatic allocation (as much as 15% of a portfolio, depending on risk tolerance).
"If you look at it just from a strategic asset allocation perspective, you would probably have something like 15% of your portfolio in gold … because it is one asset that does very well when the typical parts of the portfolio go down," he said.
And it's not just private investors taking notice. The World Gold Council reports central banks added 863 tonnes of gold in 2025 (14) — well above the 2010–2021 average of 473 tonnes (15) — which looks like a deliberate rethink of dollar‑denominated reserves.
What this means for ordinary investors
The difference between Sprott's 98% and Dalio's 15% is practicality. Sprott has spent four decades learning the mining game, so he can size up junior miners and shoulder the big swings most people can't. He has the expertise to evaluate the risks and the wealth to absorb them.
For everyday investors, Sprott's all‑in approach may seem extreme. Ray Dalio's range of up to 15% is a more practical starting point because it gives you meaningful protection if fiat currencies weaken, without blowing up your portfolio if a single miner tanks.
If you want exposure without doing deep mining research, there are simple ways to get it, like through:
Gold ETFs like SPDR Gold Shares (GLD), which tracks the price of physical gold with a 0.40% expense ratio (16). A physical‑backed trust, like the Sprott Physical Gold Trust (PHYS) (17) that holds allocated gold bullion and can be more tax-efficient than GLD for some investors. A silver fund like the iShares Silver Trust (SLV) (18) if you want broader metal exposure.
These products won't hand you Sprott‑style, four‑fold gains, but they also don't require guessing which junior miner will strike it rich.
In short, if your goal is portfolio insurance and simplicity, a modest allocation to a physical gold ETF or trust is sensible. However, if your goal is outsized returns and you have the time, expertise, and stomach for volatility, concentrated mining bets can deliver that – but it can also wipe out a big chunk of your capital.
If you really look at it; Dalio's 15% is about insuring your portfolio, while Sprott's 98% is about betting everything on a view, and most people are better off buying insurance than placing the bet.
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Article Sources
We rely only on vetted sources and credible third-party reporting. For details, see ourethics and guidelines.
Forbes (1),(2); YouTube (3); CNBC (4),(12),(13); U.S. Treasury Fiscal Data (5); Committee for a Responsible Federal Budget (6); Macrotrends (7); Trading Economics (8); VanEck (9),(10); Yahoo Finance (11); World Gold Council (14); GoldSilver (15); SPDR Gold Shares (16); Sprott (17); iShares (18)
This article originally appeared on Moneywise.com under the title: Billionaire Eric Sprott put 98% of his $3 billion fortune in gold and silver — and says gold is headed to $10,000
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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- Why Ray Dalio's 5-15% Gold Allocation Suggestion Looks Rational Amid Geopolitical Risks
May 1, 2026 · 247wallst.com
The legendary Ray Dalio of Bridgewater Associates has been more than willing to share his knowledge with the world via televised sitdowns and written works.
- The Case for Gold Miners: Why Supply Scarcity is Key
Apr 27, 2026 · etftrends.com
While gold has proved to be a hot commodity for the last few months, some naysayers have looked at March's short-term volatility as a reason to stay away from the precious metal for now.
- Gold turns higher after DoJ ends Powell probe, still lower for the week
Apr 24, 2026
[stack of shiny gold bars 3d illustration]
monsitj/iStock via Getty Images
Gold and silver futures edged higher on Friday following news that the U.S. Department of Justice dropped its criminal investigation of outgoing Fed Chair Jerome Powell, paving the way for Kevin Warsh to step in as Powell's successor, which in turn has sparked some optimism for lower interest rates sooner than later.
Senator Tillis, a Republican and Banking Committee member, had effectively prevented the full Senate from voting to confirm Warsh as Fed chair unless the investigation ended.
U.S. Attorney Jeanine Pirro, the top federal prosecutor for the District of Columbia, said the Federal Reserve's inspector general was asked to investigate cost overruns in the multibillion-dollar renovation of the Fed's headquarters in Washington.
Powell and others had said that the real reason for the DoJ probe was to pressure him and the Fed to lower interest rates as President Trump wanted.
Last summer, Trump sought to fire Fed Governor Lisa Cook, who, like Powell, had resisted his demands to cut rates.
Gold prices fell for the full week as stalled talks between the U.S. and Iran lifted oil prices, raising fears of inflation and expectations that central banks would keep interest rates higher for longer.
Benchmark 10-year U.S. Treasury yields jumped 1.5% this week, raising the opportunity cost of holding gold, while the dollar posted its first weekly gain in three, making bullion more expensive for holders of other currencies.
"The longer the Strait [of Hormuz] remains shut, the greater the oil shock and the more distant the idea of Brent crude trading back to levels near $80 or below," ING analysts said in a note. "This view is very much dominant in the interest rate market, where short-dated yields remain very firm on the view that many central banks will have to react to this inflationary shock."
Front-month Comex gold (XAUUSD:CUR [https://seekingalpha.com/symbol/XAUUSD:CUR]) for April delivery closed up 0.4% to $4,722.30/oz, and front-month Comex silver (XAGUSD:CUR [https://seekingalpha.com/symbol/XAGUSD:CUR]) for April delivery gained 1.2% to $76.383/oz.
For the full week, gold and silver fell 2.8% and 5.5%, respectively.
ETFs: (GLD [https://seekingalpha.com/symbol/GLD]), (GDX [https://seekingalpha.com/symbol/GDX]), (GDXJ [https://seekingalpha.com/symbol/GDXJ]), (IAU [https://seekingalpha.com/symbol/IAU]), (NUGT [https://seekingalpha.com/symbol/NUGT]), (PHYS [https://seekingalpha.com/symbol/PHYS]), (GLDM [https://seekingalpha.com/symbol/GLDM]), (AAAU [https://seekingalpha.com/symbol/AAAU]), (SGOL [https://seekingalpha.com/symbol/SGOL]), (DUST [https://seekingalpha.com/symbol/DUST]), (RING [https://seekingalpha.com/symbol/RING]), (BAR [https://seekingalpha.com/symbol/BAR]), (OUNZ [https://seekingalpha.com/symbol/OUNZ]), (SLV [https://seekingalpha.com/symbol/SLV]), (PSLV [https://seekingalpha.com/symbol/PSLV]), (SIVR [https://seekingalpha.com/symbol/SIVR]), (SIL [https://seekingalpha.com/symbol/SIL]), (SILJ [https://seekingalpha.com/symbol/SILJ])
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- Gold and silver gain but look vulnerable to downturn, analyst says
Apr 22, 2026
[stack of shiny gold bars 3d illustration]
monsitj/iStock via Getty Images
Gold futures edged higher on perceived bargain-hunting Wednesday after falling to a two-week low in the previous session, as investors await the next developments in the Iran war.
Iran reportedly seized two cargo ships in the Strait of Hormuz, while President Trump said the U.S. blockade of Iran's ports would continue, with no sign of peace talks restarting.
"Trump’s extension of the ceasefire reduces the immediate risk of military escalation—and with it the threat of a further inflationary oil price spike—while also weighing on the dollar," Saxo Bank analysts said in a note.
"Until a clearer path toward a peace deal emerges, gold and silver are likely to remain in competition with the dollar for direction, leaving prices rangebound for now," the bank wrote.
"Gold prices are consolidating below key resistance levels, reflecting a technical structure that mirrors earlier 2026 breakdown patterns," and silver prices are showing a pattern that could portend a "sharp directional move," Razan Hilal of Forex.com said in a note.
Hilal said a drop in gold to $4,640/oz could trigger a further slide, with that boundary being $75/oz for silver.
Gold and silver futures both snapped two-day losing streaks, with front-month Comex gold (XAUUSD:CUR [https://seekingalpha.com/symbol/XAUUSD:CUR]) for April delivery up 0.7% to $4,732.50/oz and front-month Comex April silver (XAGUSD:CUR [https://seekingalpha.com/symbol/XAGUSD:CUR]) up 1.9% to $77.893/oz.
ETFs: (GLD [https://seekingalpha.com/symbol/GLD]), (GDX [https://seekingalpha.com/symbol/GDX]), (GDXJ [https://seekingalpha.com/symbol/GDXJ]), (IAU [https://seekingalpha.com/symbol/IAU]), (NUGT [https://seekingalpha.com/symbol/NUGT]), (PHYS [https://seekingalpha.com/symbol/PHYS]), (GLDM [https://seekingalpha.com/symbol/GLDM]), (AAAU [https://seekingalpha.com/symbol/AAAU]), (SGOL [https://seekingalpha.com/symbol/SGOL]), (DUST [https://seekingalpha.com/symbol/DUST]), (RING [https://seekingalpha.com/symbol/RING]), (BAR [https://seekingalpha.com/symbol/BAR]), (OUNZ [https://seekingalpha.com/symbol/OUNZ]), (SLV [https://seekingalpha.com/symbol/SLV]), (PSLV [https://seekingalpha.com/symbol/PSLV]), (SIVR [https://seekingalpha.com/symbol/SIVR]), (SIL [https://seekingalpha.com/symbol/SIL]), (SILJ [https://seekingalpha.com/symbol/SILJ])
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- Sprott Physical Gold Trust $PHYS Shares Purchased by AE Wealth Management LLC
Apr 21, 2026 · defenseworld.net
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- Gold and silver slide on renewed Middle East war tensions
Apr 20, 2026
[stack of shiny gold bars 3d illustration]
monsitj/iStock via Getty Images
Gold and silver futures fell Monday as the dollar and oil prices rose following Iran's threat of retaliation in response to the seizure of an Iranian cargo vessel by U.S. forces, dimming hopes of a breakthrough in efforts to end the Middle East war.
Iran wavered on whether to send diplomats to Pakistan for a second round of peace talks after the U.S. seized the ship and maintained its blockade of the Strait of Hormuz.
The U.S. dollar rose to its highest level in a week before paring gains to trade up 0.1%, and benchmark 10-year U.S. Treasury yields gained, increasing the opportunity cost of holding non-yielding bullion.
"The latest weakness has been driven by renewed dollar strength and fresh concerns about energy-led inflation," Saxo Bank analysts said in a note. "Gold and silver remain highly sensitive to developments in the Middle East given the knock-on impact on the dollar, bond yields, and U.S. rate expectations."
Meanwhile, gold demand during one of India's key buying festivals remained subdued on Sunday [https://seekingalpha.com/news/4576372-record-gold-prices-weigh-on-india-festival-jewelry-demand] as record prices curbed jewelry purchases, offsetting a modest uptick in investment demand.
Front-month Comex gold (XAUUSD:CUR [https://seekingalpha.com/symbol/XAUUSD:CUR]) for April delivery closed 1% lower at $4,806.60/oz, and front-month Comex April silver (XAGUSD:CUR [https://seekingalpha.com/symbol/XAGUSD:CUR]) settled down 2.2% to $79.951/oz.
ETFs: (GLD [https://seekingalpha.com/symbol/GLD]), (GDX [https://seekingalpha.com/symbol/GDX]), (GDXJ [https://seekingalpha.com/symbol/GDXJ]), (IAU [https://seekingalpha.com/symbol/IAU]), (NUGT [https://seekingalpha.com/symbol/NUGT]), (PHYS [https://seekingalpha.com/symbol/PHYS]), (GLDM [https://seekingalpha.com/symbol/GLDM]), (AAAU [https://seekingalpha.com/symbol/AAAU]), (SGOL [https://seekingalpha.com/symbol/SGOL]), (DUST [https://seekingalpha.com/symbol/DUST]), (RING [https://seekingalpha.com/symbol/RING]), (BAR [https://seekingalpha.com/symbol/BAR]), (OUNZ [https://seekingalpha.com/symbol/OUNZ]), (SLV [https://seekingalpha.com/symbol/SLV]), (PSLV [https://seekingalpha.com/symbol/PSLV]), (SIVR [https://seekingalpha.com/symbol/SIVR]), (SIL [https://seekingalpha.com/symbol/SIL]), (SILJ [https://seekingalpha.com/symbol/SILJ])
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* Macro Insights: The 'Spoils Of The Iran War' Hidden In The Market [https://seekingalpha.com/article/4891640-macro-insights-the-spoils-of-the-iran-war-hidden-in-the-market]
- Gold, silver pullback overdone as macro tailwinds stay intact, High Yield Investor’s Smith says
Apr 20, 2026
[Eight common precoius Bullion Bars arranged into prism]
pryzmat
Gold's (XAUUSD:CUR [https://seekingalpha.com/symbol/XAUUSD:CUR]) and silver’s (XAGUSD:CUR [https://seekingalpha.com/symbol/XAGUSD:CUR]) recent pullback does not reflect a deterioration in their long-term fundamentals, Samuel Smith of High Yield Investor said on _Seeking Alpha’s Investing Experts_ podcast.
Smith said gold’s near-term underperformance has been driven by factors including reduced expectations for Federal Reserve rate cuts, temporary pauses in central bank buying, and disruptions to physical trade flows amid geopolitical tensions.
He added that gold had already rallied strongly, making a period of consolidation likely, even as underlying drivers such as inflation risks and geopolitical uncertainty remain intact.
On silver, Smith said the metal lagged gold before rallying sharply, supported by a structural supply shortage and rising demand linked to electrification and artificial intelligence.
While both metals have pulled back after strong gains earlier in the year, he said their long-term outlook remains constructive, particularly as geopolitical fragmentation and rising U.S. fiscal deficits weigh on the dollar.
He added that these dynamics are likely to be a net negative for the dollar over time, which in turn supports gold prices.
Smith said he has been increasing exposure to gold on dips, including through select miners that have become oversold, while also maintaining positions in bullion-linked investments.
More broadly, he said investors can gain exposure to precious metals through both ETFs and individual miners, with the latter offering opportunities to capitalize on valuation dislocations.
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* Has Gold's Performance Structurally Changed? [https://seekingalpha.com/article/4891488-has-gold-performance-structurally-changed]
* Record gold prices weigh on India festival jewelry demand [https://seekingalpha.com/news/4576372-record-gold-prices-weigh-on-india-festival-jewelry-demand]
* Gold rises to one-month high as Strait of Hormuz called 'completely open' [https://seekingalpha.com/news/4576314-gold-rises-to-one-month-high-as-strait-of-hormuz-called-completely-open]
- Gold rises to one-month high as Strait of Hormuz called 'completely open'
Apr 17, 2026
[stack of shiny gold bars 3d illustration]
monsitj/iStock via Getty Images
Gold and silver futures settled higher while crude oil and the dollar pushed lower Friday, as Iran's announcement that the Strait of Hormuz is "completely open" to commercial traffic could set a path for ending the Middle East war and reducing recessionary risks.
"Reopening the strait was a key event, and with oil prices under pressure, it is expected to ease inflation concerns and revive expectations of interest rate cuts — all good news for gold," Zaner Metals senior metals strategist Peter Grant said, adding that gold prices could see short-term gains back above the $5,000 level.
The news is "particularly positive for silver, as its fundamentals are now in place to strengthen," as industrial demand and improved appetite for precious metals as a safe-haven asset should provide a boost, Peter Cardillo of Spartan Capital Securities said in a note.
Gold has room to move higher, if an end of the war leads to a weaker U.S. dollar and lower yields, Cardillo added, as a weaker dollar and lower rates are positive for the metal which is priced in the greenback and pays no interest.
Front-month Comex gold (XAUUSD:CUR [https://seekingalpha.com/symbol/XAUUSD:CUR]) for April delivery closed up 1.5% to $4,857.60/oz, its highest settlement value since March 18, and front-month Comex April silver surged 4% to $81.738/oz, its best close since March 12; for the week, gold and silver gained 2% and 7.1%, respectively.
ETFs: ((GLD), (GDX [https://seekingalpha.com/symbol/GDX]), (GDXJ [https://seekingalpha.com/symbol/GDXJ]), (IAU [https://seekingalpha.com/symbol/IAU]), (NUGT [https://seekingalpha.com/symbol/NUGT]), (PHYS [https://seekingalpha.com/symbol/PHYS]), (GLDM [https://seekingalpha.com/symbol/GLDM]), (AAAU [https://seekingalpha.com/symbol/AAAU]), (SGOL [https://seekingalpha.com/symbol/SGOL]), (DUST [https://seekingalpha.com/symbol/DUST]), (RING [https://seekingalpha.com/symbol/RING]), (BAR [https://seekingalpha.com/symbol/BAR]), (OUNZ [https://seekingalpha.com/symbol/OUNZ]), (SLV [https://seekingalpha.com/symbol/SLV]), (PSLV [https://seekingalpha.com/symbol/PSLV]), (SIVR [https://seekingalpha.com/symbol/SIVR]), (SIL [https://seekingalpha.com/symbol/SIL]), (SILJ [https://seekingalpha.com/symbol/SILJ])
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* Has Gold's Performance Structurally Changed? [https://seekingalpha.com/article/4891488-has-gold-performance-structurally-changed]
* Gold's Potential Bullish Breakout Above $4,900 [https://seekingalpha.com/article/4891476-gold-potential-bullish-breakout-above-4900]
* Commodities: Oil Trades Lower On De-Escalation Hopes [https://seekingalpha.com/article/4891096-commodities-oil-trades-lower-on-de-escalation-hopes]
