Will Gold Prices Soon Hit $2,000 Per Ounce?

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As gold prices enter their third week at or above the $1,800-per-ounce threshold, investors wonder when gold will tick past its next milestone of $1,900 per ounce. And what about $2,000 per ounce? If gold reached that higher pricing figure, it would create a new all-time nominal price record for the precious yellow metal.

Of course, nobody has a crystal ball and thus can't predict whether or not gold will continue going up in price. Typically gold prices increase as the dollar weakens, and the economic stimulus packages recently passed by the United States government has helped to weaken the strength of the dollar. But the COVID-19 pandemic seems to have changed many of the rules, and even as businesses have shuttered their doors (some temporarily, others -- sadly -- permanently), society is finding new ways to hum along.

In other words, this is uncharted territory for the United States, certainly in the context of a technologically dynamic global economy in which we reside today. For now, gold speculators continue buying gold as a hedge against inflation and economic bad times. Gold coins, particularly well-worn common-date pre-1933 United States gold coins, represent one of the cheapest methods for buying gold, as their market prices hover just above spot.

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