Billionaire Investor Thomas Kaplan Sees Historic Metals Sell-Off as a Buying Opportunity, Predicts Gold in the 'Tens of Thousands'
While a historic sell-off rattled precious metals markets this week, billionaire investor and NovaGold Resources Chairman Thomas Kaplan remains unshaken, framing the plunge as a strategic entry point rather than a cause for concern.
"There's every reason in the world to buy gold, and silver is just gold on steroids," Kaplan told Business Insider in an interview, dismissing the recent volatility. Gold and silver had soared to record highs last week before tumbling roughly 10% and over 30%, respectively, following President Donald Trump's nomination of Kevin Warsh for Federal Reserve chair—a move that sparked profit-taking and bolstered the dollar.
Kaplan, who also founded natural resources investment firm The Electrum Group, has long been a vocal metals bull. He recalled being labeled "loopy" in 2007 for predicting a fair gold price of $3,000 to $5,000 an ounce. Gold has since surged from under $700 to a peak above $5,600 last week, while silver jumped from below $15 to over $120. "The only things that I've believed in since the financial crisis are gold and silver," he said, acknowledging his thesis might take a decade or more to fully unfold.
His long-term outlook is even more ambitious now. Kaplan forecasts gold will eventually reach the "tens of thousands of dollars" per ounce, following a trajectory similar to the Dow Jones Industrial Average's 30-fold rise over the past 40 years. He argues the fundamental case for owning gold is "10 times what it was in 2007," not merely as a hedge against inflation or geopolitics, but as a "currency that can't be debased at will" by central banks.
Kaplan highlighted the Donlin Gold project in Alaska, where NovaGold holds a 60% stake, as a cornerstone of his conviction. He called it the "fattest pitch I've ever seen," invoking Warren Buffett's baseball analogy for ideal investments. "I have metaphysical certitude that building the biggest gold mine in the United States... is going to be one of the biggest wins of my generation," he stated.
Interestingly, Kaplan suggested that cryptocurrency promoters have inadvertently bolstered gold's appeal by marketing digital tokens as "gold 2.0," thereby reminding investors that the original metal is "pretty damn good."
Beyond investing, Kaplan leads Panthera, a big cat conservation nonprofit, and owns the world's largest private collection of Rembrandts. He is auctioning his first acquired Rembrandt, "Young Lion Resting," at Sotheby's New York this week, with an estimated $20 million in proceeds pledged to Panthera.
Market Voices
Michael R. Chen, Portfolio Manager at Horizon Wealth Advisors: "Kaplan's track command respect, and his long-term perspective is a necessary antidote to short-term market noise. The fundamental arguments for gold as a non-debasable store of value remain compelling, especially in this macroeconomic climate."
Sarah J. Miller, Commodities Analyst at ClearView Markets: "While Kaplan's 'tens of thousands' prediction is exceptionally bullish, it underscores a growing narrative about fiscal durability. However, investors should note that such a trajectory would require a perfect storm of sustained dollar weakness and systemic monetary distrust."
David Forsythe, Editor of 'The Skeptical Investor' Newsletter: "This is the same tired hype we hear after every correction. 'Buy the dip' from a billionaire whose fortune is tied to mining stocks? Shocking. These astronomical price targets are fantasy, designed to retail investors into a volatile market while the smart money takes profits."
Anita Rodriguez, Independent Precious Metals Dealer: "My clients are nervous, but hearing a veteran like Kaplan stay calm is reassuring. The physical demand in my shop hasn't slowed; if anything, the dip has brought in more buyers who see this as the sale they've been waiting for."