15,000 Gold?

3.12.24 - $15,000 Gold?

Gold last traded at $2,158 an ounce. Silver at $24.14 an ounce.

Gold'S Got the Midas Touch Back - Daily Reckoning

After two years of trading in a 20% range between $1,600 and $2,000 per ounce, gold finally broke out to the upside, closing at a new all-time high of $2,126 per ounce on March 4.

Better yet, if you're a gold investor, gold has held its ground around $2,100 per ounce since breaking that ceiling (gold's trading at around $2,187 today).

The price is volatile, but gold broke even higher on March 5 when it hit $2,140 on an intra-day basis. Before getting too euphoric, gold investors should recall that the $800 per ounce record set in January 1980 during borderline hyperinflation would be $3,200 per ounce in today’s dollars if adjusted for inflation.

That can be a splash of cold water in the face. On the other hand, it's highly encouraging. If gold is in a new bull market, $3,200 per ounce looks more like a price target than an insurmountable hurdle.

But I continually remind gold investors, whether in bullion or mining shares, not to get too euphoric when gold rallies and not to get too depressed when the dollar price retreats. Gold is still the best form of money and proves valuable to investors over time.

The bigger questions are: What are the factors driving gold higher, and will they continue the trend?