So how high can gold go? My usual answer is to first demand an estimate of, "How low can the dollar can go?", which is the same as asking "How low WILL the dollar go?", which is the easiest question on the whole mid-term exam; the answer is that it can, and will, go to zero.
How do I know that the dollar will go to zero value? Because it is a fiat currency, and all of the other thousands of fiat currencies tried by different countries over the millennia have ALL gone to zero! All!
So the height to which gold can go, in dollars, is infinity! And "infinity" is the answer to another question on the mid-term exam, namely, "How much is the market price of gold in dollars if the dollar is worth zero?"
The example of Zimbabwe comes to mind. Wads of $10,000,000 Zimbabwe dollars are required to buy a loaf of bread. Zimbabwe's answer to this problem is to print $10,000,000,000 worthless Zimbabwe dollars.
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