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Jim Rickards: Gold regains the Midas touch
By James G. Rickards
Daily Reckoning, Baltimore
Monday, March 11, 2024
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 is trading at around $2,187 today.)
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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. ...
... For the remainder of the commentary:
https://dailyreckoning.com/golds-got-the-midas-touch-back/
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