Edward Yardeni, the veteran Wall Street strategist who runs Yardeni Research, is making one of the more audacious calls in traditional finance right now. Both the S&P 500 and gold will reach 10,000 by the end of 2029.
For context, that would mean gold more than doubling from its current level near $4,500 per ounce. And the S&P 500, already trading at historically elevated levels, would need to tack on roughly another 30-40% from here depending on where you peg the starting line.
In a client note dated December 3, 2025, Yardeni reiterated both targets with the confidence of someone who has been saying this for years. Because he has. The projections are part of his broader “Roaring 2020s” thesis, a framework he’s been building since around 2020 that bets on sustained economic expansion, corporate profit growth, and a generally favorable environment for risk assets.
The math behind 10,000 on the S&P 500
Yardeni’s path to S&P 500 at 10,000 is built on two pillars: earnings per share exceeding $450 by the end of the decade, and a sustained price-to-earnings multiple of 22x.
