SacDailyPress Staff Report
Jamie Dimon, CEO of JPMorgan Chase and long-time gold skeptic, just became a believer. After years of brushing off gold as a “non-productive asset,” Dimon now says it could skyrocket to $5,000 or even $10,000 an ounce. When the head of the biggest bank in America starts sounding like a gold bug, it’s time to sit up and take notice.
As of right now, the price of gold stands at 4,372.20 an ounce, up from under 3,000 last year. If Dimon is correct, gold could still more than double in value.
And for Californians, it’s not just financial news — it’s personal.
This state was built on gold. The 1849 Gold Rush drew hundreds of thousands here and sparked California’s rise from remote frontier to global economic powerhouse. Now, with inflation climbing, world instability rising, and markets looking shaky, gold’s not just part of our past — it could be a big part of our future.
While major investment banks chase gold on Wall Street, more and more people are turning their attention back to what lies beneath California’s soil. Recreational gold panning has seen a surge across the Sierra foothills. And in a handful of counties, commercial placer operations — the same basic mining technique used in the Gold Rush — are producing gold right now.
According to recent reporting, there are more than two dozen permitted placer mines in operation today in California, with Plumas, Sierra, Siskiyou, and Trinity counties among the busiest. And in places like Butte and Mariposa counties, interest is growing, especially as gold prices flirt with new highs.
“There’s a reason this is still called the Golden State,” said one local gold panner in a recent interview. “Most folks think it’s all been mined out — but you’d be shocked how much is still here.”
Beyond the mines, recreational panning is making a comeback as both a hobby and a survival skill. Websites like CaliforniaGoldPanning.com offer day trips and lessons for beginners and tourists alike. It’s an echo of California’s roots — and maybe a signal of where things are headed.
Meanwhile, financial analysts are split on whether gold will keep rising or whether it’s overdue for a correction. But Jamie Dimon’s change of heart is a seismic shift in the conversation. For the CEO of JPMorgan to pivot so dramatically shows that even the establishment is bracing for something big.
With inflation lingering, debt ballooning, and geopolitical instability rising, many investors are returning to the one asset that doesn’t rely on faith in governments or central banks.
Gold has always been the hedge against uncertainty.
And in California, it’s right beneath our boots.
