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In the modern age, gold has gone through periods of popularity when its price has risen (bull markets) and when it was unloved and its price was flatlining or going down (as with bear markets). Each of these bull and bear markets essentially coincided with how the rest of the world was doing, and this bore an inverse relationship.

As you find out in the following sections, when the world was generally doing well, and there was minimal conflict and financial instability, there was little demand for gold as an investment alternative or hedge. The opposite was generally true. When the world was experiencing difficulties, especially with economics and financial matters (usually coupled with geopolitical conflict), then gold was popular and its rising price reflected that.

With commodities and precious metals, demand and supply are key fundamental drivers of the asset’s price, so stay tuned with that data. For gold and silver, I provide those resources throughout this book and in Appendix A.