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 exist. He is questioning whether they are powerful enough right now to drive the next leg higher, particularly after the metal has already delivered historic returns over the past 18 months.
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What this means for investors watching gold
The distinction Cramer is making is between the long-term case for gold and the near-term tactical setup.
Those are different questions, and investors often conflate them. Gold can be a sensible long-term portfolio hedge and simultaneously not be the best place to deploy new money on a three to six month view.
His stance also highlights how sensitive gold is to interest rate expectations and dollar dynamics.
If the Federal Reserve signals it will hold rates higher for longer, gold faces headwinds from competing returns in cash and fixed income. If the dollar strengthens, gold becomes more expensive for international buyers, reducing demand.
The fact that Cramer explicitly invoked Larry Williams is also notable. Williams uses cycle analysis and historical pattern recognition rather than purely fundamental inputs.
His bearish gold view is a technical and cyclical call, not a macro one. By aligning with it, Cramer is signaling that the chart setup may not support near-term bullishness even if the macro backdrop eventually does.
Key gold market context as of May 8, 2026:
- Gold all-time high: $5,589.38 per ounce, set on January 28, 2026, according to GoldSilver.com
- Gold current price: approximately $4,867 per ounce, roughly 13% below the January peak, GoldSilver.com confirmed
- Gold’s 2025 annual performance: approximately 65% gain, its strongest year since 1979, according to the World Gold Council
- Major bank year-end 2026 gold targets: JPMorgan $6,300, Wells Fargo $6,100-$6,300, UBS $6,200, Goldman Sachs $5,400
- Cramer’s exact quote: “I am not bullish from gold right now…I’m with Larry,” referring to futures trader Larry Williams, according to CNBC
- Stock discussed: Agnico Eagle Mines, one of the world’s largest gold producers, according to Benzinga
What could change Cramer’s view on gold
Gold could regain Cramer’s enthusiasm if the conditions that drove its 2025 rally intensify.
A reacceleration of inflation, a more dovish Federal Reserve pivot, a fresh escalation in geopolitical risk, or a meaningful weakening of the dollar could all rebuild the near-term case for the metal.
Central bank buying remains a powerful structural floor.
The World Gold Council recorded central bank purchases at more than double the pre-2022 pace through 2025, and that demand has not disappeared. If institutional buying accelerates further, it could override the technical signals that Williams and Cramer are flagging.
For now, Cramer’s message is a reminder that even assets with strong long-term fundamentals can go through stretches where the near-term setup is unfavorable.
His view is not that gold is broken. It is that the current environment does not offer the urgency or catalyst required to justify enthusiasm at these prices.
Related: Citi Bank has a message for investors on gold
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