‘Gold will become the primary alternative’ to the U.S. dollar, price still headed above $6,000/oz – Gabelli’s Mancini

Gabelli’s Chris Mancini said the Iran war, rising defense spending in Europe and the U.S., and a broader de-dollarization trend are keeping the medium-term setup bullish for gold, with the fund manager still targeting a move above $6,000/oz. He argued that in a crisis gold is acting as a liquid reserve asset for states as well as investors, and that “gold will become the primary alternative” if surplus countries reduce their willingness to keep lending to the U.S. via Treasuries. Mancini framed gold as an asset that is “no one’s liability,” contrasting it with sovereign bonds at a time of widening deficits and higher military spending. He also pointed to reserve diversification and geopolitical reordering, saying the confiscation of Russian Treasuries after the Ukraine invasion accelerated the structural shift away from the dollar and helped drive gold from around $2,000/oz to about $5,000/oz in his view. Spot gold was volatile intraday, dipping to $4,607.72/oz before recovering to $4,653.72/oz, up 0.10% on the session. The near-term risk is continued headline-driven selling if conflict premiums fade, but the interview reinforces a bullish medium-term narrative built around reserve asset demand, fiscal deterioration, and geopolitics as catalysts for higher prices.