Could Gold Reach $10,000 in 2026? Trump Shares Jim Rickards’ "Midterm Meltdown"

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President Donald Trump has drawn attention to an extraordinary financial warning from investment strategist and author Jim Rickards, after sharing Rickards’ The Midterm Meltdown presentation on Truth Social.

Trump first shared the presentation on July 27, 2026, and then shared it again on August 24 with a simple message directing followers to The Midterm Meltdown.

The presentation covers political instability, rising U.S. debt, geopolitical conflict and financial-market risks. But for gold investors, one claim stands out above the rest:

Rickards believes gold could reach $10,000 per ounce before the end of 2026 — and argues that even $20,000 is not impossible under an extreme monetary crisis scenario.’

Important: These are Jim Rickards’ views and price scenarios, not a Tavex gold-price forecast. President Trump sharing the presentation should also not automatically be interpreted as an endorsement of Rickards’ specific gold-price targets.

President Trump shared “The Midterm Meltdown” presentation on Truth Social on August 24, 2026.

What is “The Midterm Meltdown”?

The Midterm Meltdown is a long-form presentation produced by Paradigm Press featuring Jim Rickards.

Rickards argues that several sources of uncertainty could converge ahead of the November 2026 U.S. midterm elections. His presentation discusses potential political confrontations, civil unrest, geopolitical tensions and growing pressure on the financial system.

These are scenarios and predictions made by Rickards rather than established future events. What can already be measured, however, is the increasingly unusual financial environment surrounding them.

The U.S. national debt passed $40 trillion for the first time in August 2026, according to U.S. Treasury data. At the same time, investors have been paying close attention to U.S. government bond yields, the dollar, inflation expectations and geopolitical risks.

Watch Jim Rickards’ complete “The Midterm Meltdown” presentation, which President Trump shared on Truth Social.

Why does Rickards believe gold could reach $10,000?

The central idea behind Rickards’ gold thesis is confidence.

Gold does not depend on the creditworthiness of a government or company. Because of that, it has historically attracted investors during periods when confidence in currencies, financial institutions or governments weakens.

Rickards points to several factors he believes could continue supporting gold:

• high and growing government debt;
• geopolitical uncertainty;
• demand for gold from central banks;
• concerns about the long-term purchasing power of currencies;
• financial-market instability;
• and the possibility of renewed safe-haven demand from private investors.

He has argued throughout 2026 that $10,000 gold remains a realistic scenario, explaining that percentage moves become progressively smaller as the gold price rises. A move from $4,000 to $5,000 requires a 25% increase, for example, while moving from $9,000 to $10,000 requires only around 11%.

Rickards has also stated that he has invested more than $1 million of his own wealth in gold and gold-related investments, reinforcing that his bullish view is not merely theoretical.

Gold is already trading above $4,600

Rickards’ forecast comes after an extraordinary period for the precious-metal market.

On August 26, 2026, spot gold was trading at approximately $4,630 per troy ounce.

That means $10,000 would still require gold to more than double from today’s level. It would be an exceptional move, and certainly not something investors should regard as guaranteed.

Nevertheless, the fact that gold is already trading at levels that would have appeared highly ambitious only a few years ago has helped bring previously extreme-looking price scenarios into wider discussion.

Financial journalist Michelle Makori highlighted Trump’s decision to share Rickards’ warning and his $10,000 gold thesis.

Why Rickards believes gold miners could move even more

Interestingly, Rickards argues that the largest potential gains may not necessarily come from gold itself.

His reasoning concerns the economics of gold-mining companies.

A miner has significant fixed and operating costs. If the cost of producing an ounce of gold remains relatively stable while the market price of gold rises substantially, the additional revenue can flow disproportionately into profit margins.

This creates operational leverage.

However, mining shares are fundamentally different from owning physical gold. Mining companies carry corporate, operational, financing, management and geopolitical risks. Their share prices can therefore fall even while the gold price is rising.

Physical investment gold, by comparison, represents direct ownership of the metal itself.

Why Trump’s decision to share the presentation is noteworthy

Perhaps the most unusual part of the story is not Rickards’ forecast itself.

Financial analysts regularly publish extreme bullish and bearish predictions. What attracted attention in this case was President Trump personally sharing the presentation with his Truth Social audience — twice within roughly one month.

Trump did not add an explanation of why he shared it, so it would be speculative to claim that he agrees with every political prediction or investment recommendation contained in the presentation.

Still, a sitting U.S. president directing his followers toward a presentation discussing financial instability, U.S. political turmoil and dramatically higher gold prices is unusual enough to attract attention across the precious-metals community.

Could gold really reach $10,000?

Nobody knows.

Gold prices are influenced by interest rates, inflation expectations, central-bank policy, currency movements, investor demand, geopolitics and the supply and demand for physical metal.

Rickards’ $10,000 target should therefore be understood as one analyst’s scenario rather than a prediction of what must happen.

But the broader question behind his argument is increasingly relevant.

With U.S. government debt now above $40 trillion, continued geopolitical uncertainty and gold already trading above $4,600 per ounce, investors are once again asking what role physical gold should play when confidence in traditional financial assets comes under pressure.

Whether gold eventually reaches $5,000, $10,000 or something entirely different, the renewed debate highlights one of gold’s oldest functions:

an asset held outside the traditional credit system during periods of uncertainty.