For years, gold has been viewed as insurance—useful, but rarely exciting. Danny MosesFamous for being one of the traders in The Big Short who believed that the framework was outdated. In an exclusive interview with Benzinga, Moses bluntly stated that “the price of gold will double in the next few years,” which eroded the market’s comfort level.
For Moses, this was not a pivot point for the future, but a trend that was already happening.
“I think this is already happening in 2025,” he said, noting that gold and silver have outperformed most asset classes. In his view, precious metals have quietly transformed from a hedge asset to a leading asset, with the help of macro forces that are no longer temporary.
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Moses made a clear distinction between silver and gold. He said silver’s rise is driven by hard math: “Demand for silver currently far outstrips supply, and there’s no quick fix” as solar power, electric vehicles and artificial intelligence data centers pull the metal into industrial use.
The story of gold is more about trust than scarcity. “Global central banks have been the largest buyers of physical gold to hedge against the risk of their own incompetence,” Moses said. He doesn’t see this buying trend slowing down in 2026. On top of that, investor demand through ETFs continues to grow, causing what he calls continued “market disruption.”
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Moses isn’t selling a straight-line rebound. “Certainly you may see a pullback and there’s no doubt we’re going to continue to be volatile,” he warned. But he believes the long-term picture remains intact as gold finds its way into more investment portfolios – whether through ETFs, mining stocks or direct investment.
Calls for gold to double may sound extreme – but it’s not.
Moses developed a reputation for recognizing pressures before markets were forced to price in prices. This time, he’s focusing on currencies, central banks and confidence, and betting that gold’s role will expand significantly again.
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