Billionaire investor Thomas Kaplan, chairman of precious-metals investment firm Electrum, told Kitco News he can see gold climbing to $50,000 an ounce — a level that would translate to roughly Rs 15 lakh per 10 grams — and called another tenfold rise “inevitable,” Business Today reported. With gold currently trading near $4,600 an ounce, the forecast implies a move of more than 980% from current values in an unspecified timeframe.
Kaplan’s $50,000 an ounce call
“I can see gold going to 30, 40, 50,000 dollars without a problem,” Kaplan told Kitco News in a recent interview, according to Business Today. Converted at an average of 95 rupees per US dollar, $50,000 per ounce works out to around Rs 15 lakh per 10 grams, the report said. Kaplan, who made gold and silver the foundation of his family’s capital after selling Leor Energy in 2007, added: “Seeing gold go up another tenfold from here, to me is not just likely, but inevitable.”
“Seeing gold go up another tenfold from here, to me is not just likely, but inevitable.”
Business Today noted that gold is currently trading at about $4,600 an ounce; a tenfold increase from that level would put the metal at roughly $46,000 an ounce, within the range Kaplan cited. Kaplan did not specify when he expects the move.
What the latest gold correction means
Gold prices corrected in the last few months from their historic highs after rising through 2025, according to Business Today. The pullback led many to question whether the precious metal’s bull run is over, though several global analysts remain long-term bullish. Kaplan, uncertain on the immediate outlook, said of the current pullback: “Maybe it already is, maybe it needs to test again, I don’t know. It doesn’t matter, because in the long term, even in the medium term, gold and silver are going to multiply from where they are.”
Kaplan views the decline as a correction inside a broader bull market. Earlier this year, when gold and silver were trading close to their peaks, he told investors during a NOVAGOLD webcast that markets could experience a steep decline, calling such a fall an opportunity rather than a fundamental problem.
Why Kaplan invokes a ‘1987 moment’
Kaplan described the recent gold correction as a “1987 moment,” referencing Black Monday. Business Today reported that the Dow reached 2,722.42 on August 25, 1987, before plunging to a close of 1,738.74 on October 19 — a decline of roughly 36% in eight weeks. Although the selloff appeared catastrophic at the time, it is barely noticeable on a chart spanning the past 45 years. “You can’t see it on a long-term chart,” Kaplan said. “The crash of 1987, it really did seem like the world was falling in upon itself, and yet when you look back over that chart, you can’t see it. Certainly a person of my vintage would need glasses to be able to perceive it. It’s that minute.”
Other bullion bulls weigh in
Robert Kiyosaki, author of Rich Dad Poor Dad, recently quoted Jim Rogers in a social media post to discuss gold and silver’s bull-run prospects, Business Today reported. Kiyosaki is bullish on gold and silver. Rogers expects the two metals to surge significantly over the long term, though sharp corrections can occur along the way.
Data at a glance
Kaplan is chairman of Electrum Group, NOVAGOLD and Sunshine Silver Mining and Refining, which began trading on the New York Stock Exchange on June 4, according to Business Today. The key numbers from the report:
- Current gold price: approximately $4,600 an ounce
- Kaplan’s forecast range: $30,000–$50,000 an ounce
- Rupee conversion at 95/USD: about Rs 15 lakh per 10 grams
- Implied tenfold target: roughly $46,000 an ounce
| Metric | Value |
|---|---|
| Gold price at report time | ~$4,600/oz |
| Kaplan’s projected high | $30,000–$50,000/oz |
| Rs equivalent per 10 g | ~Rs 15 lakh at 95/USD |
| Dow high, Aug 25, 1987 | 2,722.42 |
| Dow close, Oct 19, 1987 | 1,738.74 |
| 1987 decline | ~36% in 8 weeks |
For commodity traders and precious-metals analysts, the report is an investor forecast rather than a fundamentals-based market outlook, and Business Today noted that expert recommendations do not represent the views of The Times of India. No supply data, inventory figures or central-bank buying numbers accompanied Kaplan’s projection, so the $50,000 call rests on his assessment that the current pullback — like the 1987 crash — will be invisible on a long-term chart.
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