Gold price long time not so high, what's up?

[PaulKruger]

I noticed that the price per ounce is ultra high this morning, does someone know if people dropped bitcoin and buy the Gold that is left before there isn't more to buy?

 

[backpacker]

I noticed that the price per ounce is ultra high this morning, does someone know if people dropped bitcoin and buy the Gold that is left before there isn't more to buy?

Inflation in the US is sky-high. People are just buying what they can for their fiat. Many of the main cryptos are also either at ATH or slightly below. Then add the crazy valuations of the stock market and it is just normal that people look for some "cheaper" stuff like gold and silver, with the latter still being far from its ATH.

Btw., why would there be no more gold to buy? Almost all of the gold mined within the past 4'000 years is still on Planet Earth and every year there is new gold coming on the market. It is not an industrial metal, so nothing vanishes.
Silver is different in that it has ever increasing industrial use which means we will one day come to the point where there isn't more to buy.

 

[bizman]

Now it's down again 1590 euro the ounce

 

[uplana]

Up to 1620 euro per 1OZ - now the bitcoin is down and all stock papers are falling. Wonder if there is any connection

 

[Golden Fleece]

Up to 1620 euro per 1OZ - now the bitcoin is down and all stock papers are falling. Wonder if there is any connection

Gold is simply functioning as it is intended. When stocks go down, investors flee to gold and the USD. When stocks really tank, investors liquidate everything in the short term, including gold, in an effort to deleverage and raise cash. The USD is then the undisputed king. Then as stocks slowly recover and inflation either occurs (early 1980's) or is expected (2008-2012), gold typically rises again.

 

[uplana]

True @Golden Fleece it's the same over and over again.