Markets
October 21, 2026
Tokenized Gold Could Unlock $700B as Bitcoin and Gold Attract Investors
- The Harry Dent gold prediction warns that the gold price could fall 60% to 70% before a historic gold rally, although this remains his personal outlook
- Russia gold reserves fell to 2,264 tonnes after September sales of 6.2 tonnes, reaching their lowest level since late 2019
- The gold outlook remains divided, with Dent expecting a major correction while Rashad Hajiyev sees potential for a rally toward $6,000 by January 2027
The current gold momentum is facing contrasting views as the market is rife with new gold outlooks predicting opposite directions for the asset. However, per the latest Harry Dent Gold prediction, the asset may fall to its earlier 2015 levels before the gold price bounces back to reclaim its lost fervor. At the same time, the current gold price levels are also experiencing volatility, while Russia has reduced its bullion reserves amid pressure on its federal budget. What is the ultimate future for gold at the moment?
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Harry Dent Predicts a Sharp Gold Price Drop
In a recent interview with Kitco, Harry Dent, founder of HS Dent, shared a striking gold price analysis. The analyst believes the gold price can fall back to its 2015 levels before bouncing back to recover and reclaim its fallen fortunes. Dent later argued that stocks, property, gold, and silver have all benefitted from a long period of market expansion. He expects a major trend reversal pushing gold prices to lose 60% to 70% of their value. His view is that the metal may start to surge again around 2028 to 2029, reaching new heights of success. These are Dent’s personal predictions and are not guaranteed market outcomes.
“Gold is going to see the biggest rally in its history after this crash,” he said. He puts that run between 2028 or 2029 and as late as 2070.
The primary reason for his ominous gold prediction is the AI bubble speculation and how gold could be a part of this narrative as well.
“Gold is not a safe haven here, mark my words on this, because it has bubbled so much it has to correct at least 60 to 70%,” he said. He sees it returning to its 2015 to 2016 lows.
His prediction comes at a time when the gold price is encountering pressure amid a stronger US dollar and concerns that inflation could keep interest rates elevated.
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Russia Reduces Its Bullion Reserves
While Dent believes the gold price may fall further, Russia has also reduced its bullion reserves. The country sold nearly 200,000 troy ounces of gold in September. This amount is equivalent to 6.2 tonnes of gold. In September, the country’s reported gold holdings fell to 72.8 million troy ounces, or approximately 2,264 tonnes, its lowest level since 2019.
Russia has now reduced its bullion reserves for ten consecutive months, selling around 62 tonnes of gold since December 2025. These sales have been linked to pressure on the country’s federal budget, followed by rising military and security expenses. However, these sales alone do not confirm the direction of future gold prices.
What’s Ahead for Gold?
Apart from Dent’s bearish gold prediction, Rashad Hajiyev, another leading gold analyst, believes that the metal has the power to hit a new high by the end of 2026.
“Investors lost interest in precious metals almost completely. And there is not much to tell about them recently, as price action is not going anywhere. Eventually another pop higher is going to happen, and surely most are going to miss it and jump back in at another major short-term top. Buying time is right now when price action is depressed and sentiment is low…”
Hajiyev shared how the present gold momentum is suitable for buying before it resumes its ascent by the end of this year.
Hajiyev further shared how the asset may hit a new high of $6K by January 2027.
However, gold price movements largely depend on market conditions and can change as interest rates, the US dollar, central-bank demand, and geopolitical risks evolve. Dent expects a steep correction before a major gold rally, while Hajiyev sees the potential for further gains. Investors will need to watch these factors as the gold outlook develops.
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