Yardeni Research forecasts S&P 500 and gold to hit 10,000 by decade’s end

Ed Yardeni, president and founder of Yardeni Research, has articulated a bold thesis forecasting both the S&P 500 and gold prices reaching 10,000 by the end of 2029. The equity market target represents approximately 66% total appreciation from current levels, translating to roughly 11% annualized returns through the remainder of the decade—a pace consistent with long-term historical equity market performance. For precious metals, Yardeni's gold price target of $10,000 per ounce would represent more than a doubling from current spot prices.

Yardeni frames these forecasts within his "Roaring 2020s" analytical framework, positioning the current decade as a period of robust economic expansion and asset appreciation across both traditional equities and alternative assets. The dual target—striking symmetry in both metrics reaching the same numerical level—reflects his conviction that macro tailwinds will benefit risk assets broadly. Notably, this thesis incorporates portfolio rebalancing considerations, as Yardeni has advised investors to "rebalance a bit" given the strength in equities, acknowledging the significant gains already achieved and the need for tactical positioning adjustments.

For near-term guidance, Yardeni has established a year-end 2026 S&P 500 target of 7,700, providing an intermediate waypoint against which institutional investors can measure equity market performance over the coming months. The consistency of Yardeni's messaging across multiple market commentaries and research notes underscores the conviction level behind these long-term projections, though the forecasts remain contingent on macro conditions aligning with growth assumptions embedded in the "Roaring 2020s" thesis.