Selection of gold bullion.
WIKIMEDIA COMMONS
A couple of years ago, a commodity and currency analyst bet my friend Gary Alexander that gold would fall below $1,000 per ounce, and Gary won that bet – two years in a row. Now, in the face of a global pandemic, that analyst has turned bullish and is predicting gold will double from here – to $3,300 per ounce by 2022 (“The Economic and Monetary Conditions are Perfect for Gold,” by Ivan Martchev, MarketWatch, March 30, 2020). Martchev shows a dramatic chart of gold bullion rising to an all-time high relative to the CRB Commodity Index. The chart shows gold rising from 1.15 (to the CRB Index) in 2001 to a record high 13.07 recently – a gain of over 1,000% in 19 years.