Starting in early 2022, Gold has enjoyed an essentially unprecedented rally, rising 161% to its March 3 press time price of $5,151 per ounce. Such a staggering rise has been, according to numerous experts, largely driven by high geopolitical instability that came into sharp focus with the 2022 Russian invasion of Ukraine.
Gold price 5-year chart. Source: TradingView
The bull run, however, is likely at an end with the precious metal’s latest high prices likely representing multi-year peaks, according to a recent X post and analysis by Mike McGlone, Bloomberg’s chief commodity analyst.
Why this commodity expert says that ‘gold pillars (are) crumbling’
Specifically, the expert concurs with the view that the gold rush of the early 2020s has been primarily driven by instability and pressure arising from America’s rivals. Indeed, retail investors and institutions, such as central banks, have been rushing to acquire the commodity due to its nature as a ‘safe haven.’
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