Gold's Rally Is Very Early

We created a chart showing gold's rally since September 28, 2022, and how gold's bottom on September 28, 2022, of $1,614.92 per oz was extremely similar to gold's bottom on October 24, 2008, after being adjusted for M2 Money Supply Per Capita.

Based on the 2008-2011 rally, gold would currently be trading for $2,565.51 per oz on its way to $3,852.38 per oz. This assumes no additional money supply growth. If money supply grows again gold goes to $5,000+ per oz within the next 24-36 months.