New York, NY—Gold prices are already within spitting distance of record highs. Traditionally viewed as a safe asset for investors during times of political and economic uncertainty, the metal is up 17% this year so far, with Wednesday’s prices hitting a high of $1,783 and August futures hitting a high of $1,796. That’s only about $130 to $140 off its peak of $1920 an ounce in September 2011.
Kitco.com analyst Jim Wyckoff says that prices on the Comex gold futures are in an accelerating uptrend that gets progressively steeper. Trend-line analysis of the latest, steepest line predicts the metal passing $2,000 by November 1 and $2,200 by January 1, 2021.