HSBC warned that gold is not guaranteed to cushion short-term stock-market losses. Its analysts said falling stocks can trigger margin calls that force investors with leveraged gold positions to sell to raise cash. They still see gold as a potential hedge against broader systemic risks, but said it cannot protect every portfolio from every kind of market stress.
HSBC remains bullish on gold, citing demand for portfolio diversification, central-bank purchases and steady ETF inflows. Its analysts expect gold to end 2026 at a higher price, while the source says prices were near $4,000 per ounce. Separately, economist Jim Rickards suggested gold could reach $10,000 if demand rises and the U.S. devalues the dollar; that is a prediction, not a measured price.
