Gold had its best year since 1979 in 2025. It set 53 new all-time highs along the way. It crossed $5,000 for the first time in history before peaking at $5,589.38 on January 28, 2026. By any measure, that is a historic run.
Jim Cramer is not chasing it. And on May 7, he said exactly why.
A caller on CNBC’s “Mad Money” Lightning Round asked Cramer about Agnico Eagle Mines, one of the world’s largest gold producers. Cramer acknowledged the stock but used the question as a platform to explain his current stance on the metal itself.
“You would be in the best one,” Cramer said of Agnico Eagle Mines. “I am not bullish from gold right now. I remember we had the great Larry Williams on, and he said, ‘listen, gold is going lower.’ I’m with Larry,” Cramer said, according to CNBC.
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Larry Williams is a legendary futures trader and creator of widely used market indicators who has publicly forecast gold going lower in 2026, according to StockCharts. Cramer’s alignment with that view is a notable break from the dominant Wall Street consensus, where major banks are still projecting gold significantly higher by year-end, Benzinga noted.
Where gold stands and why the pullback matters
Gold is currently trading around $4,867 per ounce, approximately 13% below its January 28 all-time high of $5,589.38, according to GoldSilver.com.
The metal gained approximately 65% in 2025, its strongest annual performance since 1979, driven by central bank buying, inflation fears, dollar weakness, and geopolitical stress tied to the Iran conflict.
That rally created the setup Cramer is now questioning. After a run of that magnitude, the case for continued near-term outperformance requires fresh catalysts.
Without them, gold can lose momentum or consolidate for extended periods even when the longer-term structural case remains intact.
The pullback from the January peak is already 13%.
Whether that represents a temporary correction or the beginning of a more sustained consolidation is exactly the question investors are debating, and it is the question Cramer appears to be answering with his “not bullish” stance.
Why Cramer’s view cuts against the Wall Street consensus on gold
Cramer’s near-term caution sits in direct contrast to where major banks have set their year-end 2026 gold targets.
JPMorgan projects gold reaching $6,300 by year-end, representing roughly 30% upside from current levels. Goldman Sachs has a year-end target of $5,400. UBS sits at $6,200, while Wells Fargo has set a range of $6,100 to $6,300.
Those bullish forecasts rest on three main pillars: continued central bank buying at more than double pre-2022 rates, sustained geopolitical risk premiums tied to the Iran war, and expectations that the Federal Reserve will eventually move toward rate cuts, which tend to support gold by reducing the opportunity cost of holding a non-yielding asset.
Cramer is not disputing that those structural forces…
Source: finance.yahoo.com
