← Back to All Videos

Gold Breaks old record close of $1,218.30

Blog May 17, 2010

On December 3, 2009 gold set a new record close of $1,218.30.  Since then gold came down to the $1,050 range then ran all the way back up to break the record on May 11th, 2010.  Gold’s last price that day was $1,227.40.  Since then gold has hovered around that price never going higher than $1,240 and not lower than $1,225.

We are now in uncharted territory.  There is no resistance on the top of gold so technically speaking we don’t really know how high it will go from here.  Some experts are calling for $2,000 per ounce by the end of this year.  Some more conservative estimates are between $1,300 and $1,500.

There are a few factors that are playing a role in gold breaking records.  These are timing in the bull market, inflation and supply and demand.

We are only in the second phase of a three phase bull market so look to see higher and higher highs.  New records will continue to come.  However to compare the current record price to the $850 per ounce high in January of 1980, one must adjust for inflation.  If we do that gold would need to break $2,300 per ounce to really be considered a new all-time high.

The dollar has lost much of its purchasing power since 1980 and look for that trend to continue.  Some say that it is planned because it is the only way that our country can afford its debts.  It only takes 4% inflation for 17 years to cut the debt (and the dollars value) in half.  We all know that 4% inflation is pretty easy to achieve.  As inflation picks up expect to see gold follow.

Only a small percentage of Americans own gold.  As fears continue to mount amongst concern for the dollar and other fiat currencies, more and more Americans will acquire gold.  This new demand will also contribute to higher gold prices.

Gold will be much higher than it is today before this bull cycle is over.  Rob McEwen of U.S. Gold believes gold will hit $5,000 per ounce sometime between 2012 and 2015, and he is known for his timely predictions.

Secure Your Future With Gold & Silver

Access expert advice and transparent pricing—backed by decades of leadership in retirement protection.
Schedule Strategy Call

Sources & References In This Article

Similar Posts

Blog Jun 2, 2025

$100 Billion ‘Ghost Field’ Discovery Could Power America for 30,000 Years

Learn More
Blog May 19, 2025

ECB Sounds Alarm on Gold Surge – Fears Will Trigger Financial Collapse

Learn More
Blog May 14, 2025

The Economic ‘Storm’ Will Get Worse: Is the U.S. Headed for a Radical Reset?

Learn More
Blog May 5, 2025

Will U.S. Basel III Unleash Gold? BIS’ New Reset Plan

Learn More
Blog Apr 30, 2025

China ‘In a Panic’ to Start War, The U.S. is Preparing : Gordon Chang

Learn More
Blog Apr 29, 2025

O’Leary: Mark Carney Faces ‘Hell of a Time’ Fixing Trudeau’s Economy, Sees Early Election

Learn More
Blog Apr 28, 2025

No Gold? You’re Doomed In The Reset War

Learn More
Blog Apr 25, 2025

Fed’s Desperate Bid to Stop Gold Price – Why it Will Backfire

Learn More