The price of gold surged to $2,020 per ounce on Tuesday, driven by the recent banking scares and concerns over rising inflation. This marks the third time in history that the precious metal has pierced the $2,000 level; the first was in August 2020, when gold reached its all-time high of $2,075 per ounce.
Experts view gold’s renewed favorability as a result of the market’s loss of confidence in the U.S. dollar.
“It’s happening because the markets are just starting to price in much higher future inflation than they incorrectly expected,” Peter Schiff, the CEO of Euro Pacific Asset Management, told The Epoch Times. “The Fed has lost its pretend fight against inflation.”…