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Gold and Silver Surge to New Record Highs, What's Going On?
Gold and Silver Price
Gold: $4442.75 per Ounce a New Record High
Silver: $68.91 per Ounce a New Record High
Long-term readers know that I have been on the gold bandwagon for over two decades.
But I am not a cheerleader. So, I don't post every new high.
For new readers, my key view has been and still is: The price of gold is not a function of the US dollar index.
Rather, the price of gold is a function of faith in Congress and the Fed to not destroy the dollar. By that measure, faith is collapsing, and deservedly so.
Yet, for years on end, commentators would frequently say things like "gold is up because the dollar is down", or vice versa.
We can debunk that idea in one image.
Gold vs the US Dollar
In January of 2014, the US dollar index was 80. At the same time gold was $1,200 per ounce.
Since then, the US dollar index rose to 98, up 22.5 percent.
Also since then, the price of gold rose to $4,442, up 270 percent.