Loaded for Bear: With $3,000 an ounce breached, the sky is the only limit for the price of gold
In 1971, the US president Richard Nixon terminated the greenback’s link to gold, ending the precious metal’s fixed rate of $35 an ounce.
Source: Pexels
It would take until 13 March 2008 — almost 40 years — for gold to hit $1,000 an ounce. That was against the backdrop of the market mayhem unleashed by the global financial crisis.
The $2,000 an ounce mark would take just over another decade to be reached, with gold’s price surpassing that level in August 2020 as the global economy groaned under the weight of lockdowns to contain the Covid-19 pandemic.
Less than five years later, gold has scaled another four-digit peak of note. On Friday, 14 March 2025 it breached $3,000 an ounce for the first time.
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Source: Daily Maverick
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