Cramer Breaks With Wall Street on Gold: "I'm With Larry Williams"
Jim Cramer broke with Wall Street's gold consensus, declaring he is "with Larry Williams" on a coming decline. Against bank targets of $5,400–$6,300, we unpack what 13% off the record actually means.
- Jim Cramer broke with Wall Street's gold call, telling CNBC he is "not bullish on gold right now" and is "with Larry Williams" on a coming decline
- That puts him against JPMorgan ($6,300), Goldman ($5,400), UBS ($6,200), and Wells Fargo ($6,100–$6,300)
- Gold sits at $4,867, 13% below its January record of $5,589, with Cramer's case resting on the absence of a near-term catalyst
After January's record $5,589 and a 13% pullback, Cramer sides with futures veteran Larry Williams while JPMorgan, Goldman, UBS, and Wells Fargo all target $5,400–$6,300.
Gold rose 65% in 2025 — the strongest annual return since 1979. It set 53 record highs and crossed $5,000 for the first time, peaking at $5,589.38 on January 28.
Jim Cramer is not chasing the rally. On CNBC's Mad Money lightning round on May 7 he was blunt: "I'm not bullish on gold right now. Larry Williams said gold is going down. I'm with Larry."
It is a direct statement against a Wall Street where nearly every major bank is forecasting more upside.
Cramer vs Wall Street — the price-target gap
What sharpens the contrarian view is who sits on the other side. JPMorgan targets $6,300 by end-2026 — roughly 30% above today's $4,867. UBS sees $6,200, Wells Fargo $6,100–$6,300, and Goldman Sachs $5,400. Four of the largest banks are all betting on more upside.
Their arguments are three: central-bank buying that has more than doubled since 2022, Iran-war and geopolitical risk premia, and an eventual Fed pivot to rate cuts. Cramer is not rejecting those arguments outright — he acknowledges the structural drivers. His question is whether they are strong enough to drive the next leg up right now.
Who is Larry Williams?
The name Cramer dropped matters. Larry Williams is a legendary futures trader and the creator of widely used market indicators. He has been publicly forecasting gold weakness in 2026.
Cramer saying he is "with Larry" is not just opinion — it is a signal that he is aligned with a view rooted in technical-cycle analysis and historical pattern recognition. Read the charts and cycles, not the macro narrative.
What the 13% pullback says — heat off after the run
Gold is currently trading at ~$4,867, about 13% below the $5,589 record high. Whether that is a temporary retracement or the start of a longer consolidation is the live investor question. Cramer leans toward the latter.
Historically, after annual runs as steep as 65%, gold has tended to lose short-term momentum. Without a fresh catalyst, continuation requires more energy. If none of central-bank buying, dollar weakness, or Fed-pivot expectations intensifies, the case thins.
What Cramer's caution actually means
Read his position precisely. He is not saying gold is broken or irrelevant long-term. He is saying "not bullish right now." This is a tactical-timing call. He keeps the role of gold as a long-term portfolio hedge while arguing there is no urgency to put new money to work at this level.
If rates stay higher for longer than expected, gold loses ground against cash and bonds. If the dollar firms, non-dollar buyers face higher purchase costs and demand softens. Neither condition is far from where the US economic landscape sits today.
His conditions for changing the view are explicit: a reacceleration in inflation, a Fed pivot signal, a reescalation in geopolitical risk, or a meaningful dollar selloff. Today none of those is sufficiently in place.
Frequently Asked Questions
How likely is Cramer's cautious view to be right?
Technical pullbacks after 65%-type annual runs are a recurring historical pattern, and the absence of a near-term catalyst is a reasonable argument for consolidation. That said, the structural bid from central-bank buying and geopolitical premia that the banks point to still supports downside floors, separate from short-term timing.
On what basis does Larry Williams expect gold to fall?
Technical-cycle analysis and historical pattern recognition. His call rests on chart structure and market cycles pointing against gold near-term, rather than on macro fundamentals.
What about gold ETFs or related stocks?
Cramer himself called Agnico Eagle Mines (AEM) "the best gold miner." But he hinted that with gold itself out of favor near-term, even high-quality miners may see limited upside in the short run.
What would revive the bullish case?
At least one of: a reacceleration in inflation, a Fed pivot signal toward cuts, a reescalation in geopolitical risk, or a meaningful dollar selloff. Structural central-bank buying already supports the downside but is not enough to ignite the next upside leg by itself.
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