Gold

Gold vs Silver – Gold STILL Wins

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GOLD VS SILVER 

The past year has been wild and crazy for both gold and silver. After peaking at about $120 oz. scarcely one week ago, silver gave up almost 40% of that in one day, with an intraday low at $73. A strong reversal to the upside brought the price back to $84 at the close (January 30, 2026). Silver closed today (February 6, 2026) at $77, down 8% since last Friday’s collapse.

Gold, after peaking at $5500, dropped below $5000 with a loss of about 11% (January 30th) and closed today (February 6th) at $4966, a few dollars below last Friday’s close.

Rather than try to predict what might or might not happen next, let’s take a look at where we’ve been. More specifically, we will compare gold and silver performance since 2016, 2011, 1999, and 1980. As good as silver’s price performance has been, gold STILL wins.

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Crypto Collapse Shatters The Fantasy

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(The original version of this article was published at Talkmarkets.com as New Lows For Bitcoin and Ripple )

Cryptocurrencies are collapsing. Just a few hours ago today (Thursday), the price of Bitcoin (BTC-USD) touched $60k, down 23% from its $78k price in my original article on TalkMarkets two days ago. The selloff in Ripple (XRP) was worse. Its price at about the same time as Bitcoin reached its latest nadir, was $1.14 – down down almost 30% from its $1.60 print on Tuesday.

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More Downside For Gold And Silver?

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You can bet that most vocal proponents for spectacularly higher gold and silver prices will see Tuesday’s huge intra-day reversals as just another dip in price before the next jump to warp speed.

The longer and more severe the “correction”, the more frequent use of the phrase “temporary setback” can be expected. After all, the fundamentals demand higher prices, right? A day of reckoning is at hand.

The euphoria surrounding higher gold and silver prices seems to know no bounds. I remember how it was in 1980, as those of us in the trade at that time experienced a similar situation.

Notwithstanding the grim circumstances of double-digit interest rates (fed funds at 17.6% in April 1980), consumer prices averaging increases of almost 12% annually for three consecutive years, and enthusiastic calls for the “death of the dollar”, there was a pronounced peak to the price action in hard metals in January 1980.

In 2011, a government shutdown began on July 1st and lasted for twenty days. The gold and silver price peaks in 2011 came amidst similar sentiments regarding government debt, inflation, and the dollar.

Now, here in 2025, we can only wonder whether a similar situation is unfolding. If it is, it might be worth considering what happened after the peaks in 1980 and 2011.

GOLD AND SILVER AFTER PEAKS IN 1980, 2011

The price peak for gold in 1980 came on January 20th at $843 oz. Within a few days, gold was priced in the mid-$600s – a drop of almost $200. That might not sound like much, but it was a decline of more than 20%. A similar decline now would take the gold price below $3,500.

After a few more weeks, the gold price had broken the $500 level. In less than two months, gold had declined by more than 40%. Measuring from its recent intraday peak of $4,355, a similar drop at this time would take gold down to $2,600.

Silver fared worse. After peaking at close to $50 oz. on January 20th, 1980, silver’s price dropped by more than 30% in two short weeks. By February 3rd, silver was priced at $34.75. A similar decline at this time would take silver down to $37.80 by the end of next week.

Gold found temporary stability around $500, but silver continued to plummet, losing 76% in less than four months. Measuring from its recent peak of $54 oz, a similar drop now would take silver down to $13 oz.

Prices for gold and silver declined in nominal and real terms over the next two decades, reaching respective lows of $260 for gold and $4 for silver. The cumulative declines totaled 70% for gold and 92% for silver.

The gold price decline after its 2011 peak amounted to 45 % and the silver price decline was approximately 80%. Similar declines at this time could take gold as low as $2400 and silver as low as $11.

MORE DOWNSIDE FOR GOLD AND SILVER?

Quite possibly, yes, especially when considering what has happened in the past. The specific conditions are not necessarily the same, but they are similar. Also, there are other factors that are more important as to whether gold and silver continue to decline, how quickly, and by how much.

Liquidity concerns and deflation are the bigger forces at work that could stop in a heartbeat the relentless march of inflation-fueled higher asset prices (see No Winners When The Inflation Balloon Pops). As far as gold and silver are concerned, their price increases have outrun the fundamentals for now.

That does not mean they cannot go higher at this point. They could. You might not want to bet against that possibility, but you would be foolish not to be prepared for some sizeable declines. (also see The Case For Gold Has Nothing To Do With Its Price)

Kelsey Williams is the author of two books: INFLATION, WHAT IT IS, WHAT IT ISN’T, AND WHO’S RESPONSIBLE FOR IT and ALL HAIL THE FED

The Case For Gold Has Nothing To Do With Its Price

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THE CASE FOR GOLD

The case for gold is straightforward…

Gold is a proven long-term store of value that retains its purchasing power over extended time periods. When used as money (medium of exchange and measure of value), gold acts as a restraint on a government’s propensity to overspend. Also, using gold as money – without government intervention – guarantees price stability.

Gold is practical and convenient, and was money before fiat currencies. Goods and services were priced in ounces and fractional units of gold (grams, grains, etc.). Because the supply of gold is relatively stable and reasonably scarce, the threat of inflation is greatly reduced, although not eliminated. (see Even Gold Is Subject To Inflation)

Gold is not issued by a government or central bank, so it carries no default risk and is immune to political manipulation.

As if that were not enough, gold has additional (secondary) value because it is desired and used for ornamentation and jewelry.

Lots of things have been used as money. Only gold has stood the test of time. Gold’s universal acceptance is independent of government policy or intervention.

Notice that, so far, we have not said anything at all about the price of gold. When gold was the circulating medium of exchange, there was no price for gold. Gold, itself, was the measure of value for everything else.  How much gold you held – not its price – was indicative of your purchasing power, or wealth.

In other words, the gold price has nothing to do with gold’s fundamental value, i.e., its use as money.

HISTORY OF GOLD AS MONEY 

Gold emerged as the money of choice through competition.  Many other things (beads, grains, various industrial metals, etc) were tried throughout history.  For one reason or another, they didn’t work consistently over longer periods of time.

The first gold coins appeared around 560 B.C.  Over time, it became a practice to store larger amounts of gold in warehouses.  Paper receipts were issued certifying that the gold was on deposit.  These receipts were negotiable instruments of trade and commerce, which could be signed over to others.  They were not actual currency but were a presumed forerunner to our modern checking system.

The warehouse proprietors (‘bankers’) decided they needed to find a way to increase their profits.  Earning fees from their depository and safekeeping services wasn’t enough.  Since most of the gold remained in storage and most transactions involved exchange or transfer of paper receipts for the gold on deposit, they decided to issue ‘loans’ of the gold/money to others and charge interest.  The cumulative amounts of gold loaned out could not exceed the amount of gold held in storage.  Hopefully, not too many depositors would ask to redeem their physical gold at the same time.

By this time, there were reasonable indications of just how much gold needed to be kept available to meet the ongoing, day-to-day withdrawal demand.  The warehouses (banks) began issuing loans in the form of receipts backed by the gold held on deposit. That shouldn’t be a problem as long as people continue to trade with their paper receipts. Occasional redemptions of receipts (withdrawals of gold from storage) were met with smiling faces – business as usual.

It seemed to be a workable system.  But apparently, the ‘bankers’ were not content.  They soon started issuing more loans/receipts for gold that did not exist.  Of course, they saw no need to inform anyone of their actions, and the receipts still stated that they were redeemable in fixed amounts of gold.  And when some wanted to take possession of their gold on a physical basis, they could still do so – up to a point.

Questions arose, however, as to the value of the receipts. More and more individuals, companies, and countries opted for real money – gold.  There simply wasn’t enough gold to meet the redemption demands.

As late as the early twentieth century, U.S. paper currency was issued with a clear statement specifying that it was redeemable for specific amounts of gold (and silver) at fixed rates.  In addition, gold (and silver) circulated concurrently with U.S. paper currency and were interchangeable.  One was as good as the other. Supposedly.

In 1933, President Roosevelt issued an executive order “forbidding the hoarding of gold coin, gold bullion, and gold certificates within the continental United States”.  Then, in 1971, President Nixon suspended convertibility of the U.S. dollar into gold by foreign nations.

For more than half a century, there has been no fixed convertibility of U.S. dollars (i.e., fiat currency) into gold (i.e., real money).

THE PRICE OF GOLD

The price of gold in dollars is an inverse reflection of the purchasing power of the U.S. dollar. Under the watchful eye of the Federal Reserve, the U.S. dollar has lost more than 99% of its purchasing power.

The dollar’s loss of purchasing power results in higher prices for goods and services. The gold price reflects the dollar’s loss of purchasing power by continually rising over time, albeit irregularly and in a volatile fashion.

Of particular note is that increases in the gold price come after the effects of inflation have worked their way into economic activity and are readily apparent.   The huge increase in the gold price from $35 oz. to $843 oz. happened over nearly a decade (1971-80) and was reflective of the loss of dollar purchasing power that had occurred over the previous several decades.

The phenomenally huge increase, however, was followed by huge declines. Eventually, more than thirty years later (2011), the gold price peaked again, this time at $1895 oz.

The gold price had more than doubled from its peak in 1980, but the huge price increase did not mean that gold was more valuable. In fact, the value, or buying power of gold at $1895  oz. in 2011 was consistent with its value in 1980 at $843 oz.

Similarly, what one can buy with an ounce of gold today at $3700 is comparable to what one could buy with an ounce of gold in 1980 at $843.

Since 1980, prices have risen more than fourfold. An upscale, new car at $16-18k in 1980 was the equivalent of approximately 20 ounces of gold ($843 times 20 = $16,860). A comparable vehicle today costs closer to $70-75k, and can still be purchased with 20 ounces of gold ($3700 times 20 = $74,000).

CONCLUSION 

The case for gold is the same today as it was centuries ago. Gold is real money; honest money. The price of gold tells us nothing about gold. The gold price tells us the extent to which the dollar has lost purchasing power.

Similarly, it does not matter whether gold is priced in dollars, yen, euros, yuan, etc. The price of gold in any fiat currency is nothing more than a reflection of  changes in the value of that particular currency.

Higher prices notwithstanding, the value of gold remains constant and unchanging. (also see Gold’s Singular Role)

Kelsey Williams is the author of two books: INFLATION, WHAT IT IS, WHAT IT ISN’T, AND WHO’S RESPONSIBLE FOR IT and ALL HAIL THE FED

The USD Is Worthless – Gold Is At $100k!

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If the U.S. dollar were to become worthless, what difference would it make if the gold price hits $100,000?

The ten ounces of gold you bought for $30,000 ($3000 x 10) would be worth $1,000,000. Should you sell?

A worthless U.S. dollar means that it has no purchasing power and is unacceptable for trading purposes. What would you do with a million dollars that nobody wants?

Likely, though, there would not be a gold price quoted in U.S. dollars. In fact, by that time, anything that would have been quoted in U.S. dollars would need to be repriced in something else, i.e., another fiat currency, crytocurrency, gold itself, etc.

Only then will you have a reasonable idea of how much your gold is worth. In all cases, though, it is about the purchasing power of the gold, not its price – in any currency.

COLLATERAL DAMAGE – CHAOS 

Total collapse of the U.S. dollar would break the entire financial system and wreak economic devastation on the world. A global depression would result. There would be disruptions in communication and public services.

Financial markets would be closed indefinitely (I hope you own physical gold) and social chaos would be rampant. That’s okay. You’re a millionaire, right?

WEALTH PRESERVATION 

Owning gold during a currency collapse does not make you rich. It preserves your purchasing power. (see Gold’s Singular Role)

Since 1980, the U.S. dollar has lost 75% of its purchasing power. It costs four times as much today for comparable goods and services as it did in 1980.

A salary of $50,000 in 1980 would need to be $200,000 today just to maintain the same standard of living.

The gold price peaked at $843 in January 1980. At more than $3400 oz. recently, gold has quadrupled in price since 1980, which compensates for the loss of purchasing power in the U.S. dollar.

CONCLUSION 

Fantastic price predictions for gold are meaningless when couched in terms related to destruction of the U.S. dollar. The financial, economic, and social conditions attendant to a complete collapse of the dollar are so horrific as to nullify any potential positives associated with a “phenomenally higher gold price”.

The value of gold is in its use as money. As a long-term store of value, gold protects and preserves purchasing power.  (also see “Will Gold Hit $3460?” – Followup)

Kelsey Williams is the author of two books: INFLATION, WHAT IT IS, WHAT IT ISN’T, AND WHO’S RESPONSIBLE FOR IT and ALL HAIL THE FED

“Will Gold Hit $3460?” – Followup

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In mid-March, I wrote the following:

“The U.S. dollar has lost approximately 75% of its purchasing power since 1980. What this means is that it costs about four times as much today for comparable goods and services as it did in 1980. 

In order for the gold price to fully reflect the loss in USD purchasing power, it would need to be $3460 oz. today. As it is, gold is priced at $3045 oz.,  more than $400 oz. cheaper than its inflation-adjusted high in 1980.” 

The intraday high for gold in January 1980 was $843 oz. The current inflation-adjusted equivalent of $843 oz. is $3463 oz. In my original article, I rounded the number to $3460 for simplification.

In conclusion, I asked:

“Will gold reach $3460? It’s possible. A 14% surge from here would do it.”

The answer came quickly as gold surged in price by more than $400 oz. in April. The price action is shown on the chart (source) below…

Live gold chart

The gold price did not reach $3460, but has peaked now, on three occasions, just above the $3430 mark.

Practically speaking, though, it is reasonable to say that gold has now matched its intraday price peak of $843 oz. in 1980.

Where Do We Go From Here? 

After its recent peak at $3435 in April, the gold price declined to $3171, a drop of more than 7%. After last week’s action, gold appears to be headed back to the same level.

Beyond that, the gold price could easily fall back to $3000 oz. or lower.

The upside barrier for the gold price could be more important that any downside price targets. In other words, the gold price is not likely to push through $3500 very soon, regardless of how well it is supported at current prices or lower.

Gold’s higher price over time is a reflection of the U.S. dollar’s loss of purchasing power. It is not a question of “how high can gold go?” but rather “how much purchasing power has the dollar lost?”

Once the gold price reaches a point that reflects the dollar’s loss of purchasing power up to that point, it has gone about as far as it can go, for the time being.

Afterwards, the price can decline or go nowhere for years. This can be seen on the chart (source) below…

 

The increase in the gold price from $35 oz. in 1970 to $843 oz. in January 1980 reflected the effects of inflation on the dollar’s purchasing power over the previous four decades. After finding its inflation-adjusted price, gold declined.

The gold price peak of $1895 oz. in 2011 accounted for the effects of inflation after 1980 and up until 2011. Thereafter, the price declined for nearly five years.

The recent gold price peak at $3435 oz. reflects the dollar’s loss of purchasing power since its 2011 peak at $1895.

All three periods of increasing gold prices were approximately ten years in length (1970-80; 2001-2011, 2015-25). The first two periods (1970-80; 2001-2011) were followed by multi-year declines.

Time will tell us if something similar happens this time.

CONCLUSION 

Gold’s recent price peak at $3435 oz. likely represents the culmination of its latest inflation-adjusted advance. With the dollar’s loss of purchasing power fully accounted for, history suggests that gold could enter a prolonged period of stagnation or decline, much like what happened after the 1980 and 2011 peaks.

A drop below $3000 oz. wouldn’t be surprising. For now, gold appears to have exhausted its momentum. (also see Gold, Silver, & Gold Stocks Since 2011 – Gold Kills It!)

Kelsey Williams is the author of two books: INFLATION, WHAT IT IS, WHAT IT ISN’T, AND WHO’S RESPONSIBLE FOR IT and ALL HAIL THE FED

Gold, Silver, & Gold Stocks Since 2011 – Gold Kills It!

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As anticipation builds regarding possible outsized performance for silver and gold stocks, it might be worthwhile to review past performance for the two upstarts versus their mentor and perennial favorite, gold.

The chart below shows monthly closing prices for gold, silver, and gold stocks since their respective price peaks in August 2011. The prices are “normalized” to illustrate percentage changes and direction. All three items are indexed to a starting value of 100.  The respective origin prices are $1825/Gold, $41.76/ Silver, 601/Gold Stocks-HUI; closing prices as of May 30, 2025 are $3288/Gold, $32.95/Silver, 398/Gold Stocks-HUI…

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Price vs Value – Will Gold Hit $3460?

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PRICE VS VALUE

Can you explain the difference between price and value? Most investors can’t. Neither can most analysts. A few years ago, some people were caught up in the NFT (non-fungible token) craze. Try explaining price and value as it applies to that former “next big thing”.

NFTs were part of the virtual reality sickness that seized upon investors and others, causing them to spend money for something that had little or no real value. Price volatility for the imaginary items, however, seemed to imply that owning a piece of the action was imperative. You didn’t need to be a creator of master level art in order to participate, either. The investor war cry was “buy and accumulate”; and they did. Special online sites for facilitating the creation of caricatures that resembled Lego Monkeys (among other obviously valuable subjects and genres) also provided a marketplace where buyers and sellers could exchange their wares and get rich. As the sickness worsened, prices rose out of sight exponentially.

Day-trading in stocks became passé. Collectors of NFTs tried valiantly to articulate the ‘value’ of these works of art by referring to them as “unique” and “one-of-a-kind”. Upon purchase and transfer, the new owner received certification that the piece was original and genuine. It could be part of a series and that notification was also included. No one else was authorized to display or show that particular token. Sometimes there might be a physical item attached to your purchase, and, ownership of that transferred as well. After watching a host of videos that tried to explain various aspects (creation, selling, collecting, etc.) of the virtual disease, I concluded that imagination and fantasy had become more valuable than reality. I laughingly tried my hand at it  and wrote an article about it (see Having Some Fun With NFTs). What is/was the value of an NFT? The website folded sometime afterwards as the sun set on the NFT craze.

DO CRYPTOCURRENCIES HAVE VALUE?

Not exactly. There is value, however, which is not vested in the individual token (Bitcoin, Ethereum, XRP, etc).

The primary fundamental value of all cryptocurrencies stems from the basic characteristic that is universal to cryptocurrencies. That characteristic is block chain technology which allows decentralized and private transfer of money between and among participants (buyers and sellers, investors, etc.). In other words, the value lies in the process, which happens absent a central clearing authority.

One of the most laughable, and outlandish, claims about Bitcoin, is that it is a store of value. There is absolutely no evidence that Bitcoin is a store of value. Whether the price is $100,000 or $1, nothing has changed other than its price. Its value lies in the private transfer of money, not the bitcoin itself. (see Bitcoin Has No Value; Neither Does Ethereum, XRP, Etc.)

THE VALUE OF GOLD

Fascination with the price of gold has investors expecting continually higher prices. Analysts and marketers alike chime in with all of the fundamental reasons to expect more of the same.

Gold’s value, however, is unrelated to its price. The value of gold lies in its use as money. As such, gold’s value is the same today as it has been historically for several thousand years.

A higher price for gold does not tell us anything about gold. Gold’s higher price over time is a reflection of the loss of purchasing power in the U.S. dollar.

The U.S. dollar has lost approximately 75% of its purchasing power since 1980. What this means is that it costs about four times as much today for comparable goods and services as it did in 1980.

In order for the gold price to fully reflect the loss in USD purchasing power, it would need to be $3460 oz. today. As it is, gold is priced at $3030 oz.; more than $400 oz. cheaper than its inflation-adjusted high in 1980.

CONCLUSION 

Will gold reach $3460? It’s possible. A 14% surge from here would do it. What happens afterwards is open to speculation.

In the past, the gold price has declined significantly for long periods of time after approaching its previous inflation-adjusted peaks. This happened in 1980, 2011, and again in 2020. Let’s see what happens this time. (also see Gold’s Singular Role)

Kelsey Williams is the author of two books: INFLATION, WHAT IT IS, WHAT IT ISN’T, AND WHO’S RESPONSIBLE FOR IT and ALL HAIL THE FED

Gold Headlines – Common Sense, Nonsense, And BS

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GOLD HEADLINES 

There are three headline news items which have attracted a significant amount of attention in the gold space lately. They are as follows: 1) gold “shortages” in London, 2) gold reserves at Fort Knox, and 3) revaluation of U.S. gold reserves. Both the headlines and the stories are rooted in fantasy and hyperbole. A more realistic take on them follows…

LONDON GOLD SHORTAGES

The news about transfers of gold held in London almost immediately turned into nonsense about shortages of the yellow metal. How so? Did the gold just disappear?

A little bit of digging (just a pun) by Ross Norman of Metals Daily offered a healthy dose of common sense to the unenlightened who were basking in their inappropriate fantasies about obscene gold price projections. Here is what Norman said…

“…so this is a logistical and conversion problem … fine ounces of gold are needed in one location (New York) > which needs to be converted into another form (in Switzerland) > and then shipped across the pond. Of course there are limitations on the Swiss refineries melting capacity to convert 400 ounce gold bars into the kilobars, as well as limitations on metal handling. Again … big deal. You’ve been in a car … temporary log-jams happen.

And if 435 tonnes of kilobars are now in New York then surely the problem is as much about surpluses on one side of the Atlantic, as much as so-called ‘shortages’ on the other. Taking the 10 year average, the US purchases only about 20 tonnes of physical gold bars each year – so 22 years worth of bullion bars have just washed up on their shores. Likely as not, like last time (covid), these bars will simply be flown home to London (via the Swiss refineries where they are converted back into standard bars) over the next few months. Nice business for some.”  

Read the entire article at metalsdaily.com

GOLD AT FORT KNOX 

For decades, people have been fascinated by the prospect that there might not be any gold stored at Fort Knox. Calls for an audit have been sounded often for more than fifty years.

An audit was performed in 1974 and various reports since then have certified the existence of the gold; yet, doubts remain.

The Sound Money Defense League says there has not been “a complete review of Fort Knox’s gold reserves…since the 1950s”.

The amount of gold supposedly stored at Fort Knox is approximately 8000 tonnes (metric ton). The total world gold supply amounts to 190,000 tonnes; although estimates vary widely.

In other words, the amount of gold (if it is there) held by the United States, represents about 4% of the total world supply of gold. That amount might seem small; however, the United States is still the country with the largest amount of gold reserves.

If an audit is conducted, we may not learn anything new. The gold stored at Fort Knox represents about half of U.S. gold reserves. If there is no gold at Fort Knox, it’s not a total loss. More important though, is that whether or not the gold is there and can be verified, any discrepancies at this point are likely well-discounted in the world market price for gold.

REVALUATION OF GOLD 

The term “revaluation of gold” is incorrect. What is meant involves a repricing of gold reserves held by the United States on its own balance sheet. Since 1971, the official price of gold as far as the United States is concerned, is $42.22 oz. Gold reserves shown on the balance sheet are listed at $42.22 oz., seriously underpricing gold reserves continuously for the past six decades. Why?

When former President Nixon terminated convertibility of dollars for gold at the officially agreed upon price, maintaining the official gold price of $42.22 was an attempt to save face. The United States government had inflated the U.S. dollar beyond any reasonable limits, and previous repricing efforts had not worked as intended. To reprice the gold would be official recognition of what everyone else already knew – the U.S. dollar was losing purchasing power at an alarming rate.

Without the promise of convertibility, the government could continue to inflate its currency without having to give up a valuable asset at a previously agreed upon cheaper price. Since that time, the global markets for gold determine its price, which is a reflection of the ongoing deterioration in the U.S. dollar.

Why is a “revaluation of U.S. gold reserves” such a focus of concern now? Here is where the BS comes in…

Treasury Secretary Bessent recently promised that the United States would monetize assets on the U.S. balance sheet. A repricing of gold reserves from the current $42.22 oz. to an actual market price of $2900 oz. would increase the $value of the gold reserves from about $11 billion to as much as $765 billion. Some have said that such a move would result in an increase of $750 billion for the Treasury. No.

The gold already exists; presumably. The world gold price already tells us how much the gold is worth. What difference does it make whether the U.S. stupidly clings to its last official price; or, throws in the towel and admits that the market price for gold is the real deal?

Contrary to the claim that the move “would add $750 billion to the Treasury overnight”, I say BS. For the U.S. to take advantage of this in any meaningful way, the Treasury would either need to issue more debt in amounts that exceed what it issues on an ongoing basis already. Or, it would need to sell some of its gold at the higher market price.

Well, bully! Do you think the U.S. alters (or will alter) the issue amounts of new Treasury debt based on its own official price for gold? Of course not! And, if the U.S. wanted to sell some of its gold, it would get the market price for it; regardless of what the U.S. “official” price is. And, furthermore, Treasury could issue huge new amounts of debt now, or sell gold now, if they wanted to – without repricing the U.S. gold reserves.

So, what has changed? Nothing.

MORE BS & CONCLUSION

Someone exclaimed errantly that “Monetizing the asset side of U.S. balance sheet WILL SEND GOLD & SILVER SOARING”. No, it won’t. Monetizing the asset side of the U.S. balance sheet is a non-event. Any actions that would disrupt or alter to any degree the ordinary market activity for gold and silver are independent of any actions taken by the U.S. to reprice its own assets.

Unrealistic expectations for the gold price which are based on any of the above “news” items are likely to be a source of disappointment for investors.

Kelsey Williams is the author of two books: INFLATION, WHAT IT IS, WHAT IT ISN’T, AND WHO’S RESPONSIBLE FOR IT and ALL HAIL THE FED

Still No New Highs For Gold Since 1980

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ALL-TIME HIGHS FOR GOLD 

The intra-day high for spot gold in 2024 is $2785 oz. That is an increase of 34% over its closing price of $2062 oz at the end of 2023. Indeed, gold holders are happy campers and their confidence and trust is emboldened and confirmed.

As the gold price continued to climb throughout the year, the financial media, particularly in the gold space, has treated us to a barrage of headlines regarding “new, all-time highs” for the yellow metal.

In truth, the all-time high for the gold price was set in 1980; and, it has never exceeded that price point since 1980. 

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