The price of gold climbed well past $2,000 per ounce last week, closing at $2,028 per ounce (see the following chart). Gold’s year-to-date gain as of August 7 was over 28%.

Gold’s steep climb is causing analysts to compare its current rise with previous gold bull markets. The comparison is leading to significant price projections over the next few years.

According to the Motley Fool, “While gold bull markets are rare, they tend to last a long time when they do take shape and deliver mind-boggling returns when they catch fire. Over the past 50 years, there have been three notable bull markets in gold. …

“The third bull market is the one you see before you right now. It began with gold hitting a low of $1,050 an ounce in late 2015, and in less than five years, the precious metal has appreciated 95%.

“In each of the previous two gold rallies, it wasn’t uncommon to see the price of gold more than double in a two-year stretch. Thus, plunging global bond yields coupled with unlimited QE could be the perfect storm to take gold from $1,519 at the beginning of 2020 to well over $3,000 by 2022 or sooner.”

Rick Andrews is president of Avant Capital Management.