So, what's going on with the yellow metal? And when will the price of gold go up? Peter Schiff tackled this question during a recent Q&A session on YouTube.

First, Peter pointed out that you have to step back and look at the big picture. If you go back to 2000, the price of gold was at the bottom of a 20-year bear market that began in 1980. That year, gold was at $850 an ounce — up from $35 an ounce when President Nixon slammed shut the cold window and eliminated the last vestige of the gold standard.

In the early 80s, Federal Reserve Chair Paul Volker went to war against the inflation of the 1970s, pushing interest rates to 20%. That saved the dollar and brought the price of gold down.

Of course, it never went anywhere near the $35 an ounce that it started from. But it did get back below $300. It was below 300, as a matter of fact, in 2000."

Over the next two decades, the price of gold ran up from under $300 an ounce t0 $2,000 an ounce in 2020. That was over a 566% increase.

Since then, the price has pulled back below $1,800. It's been stuck in that range as investors have anticipated the Federal Reserve will step in and tighten monetary policy to deal with the rising inflationary pressure.

But if you look at what's been happening to the price of gold so far this century, this millennium even, it's been pretty strong."

The meteoric rise (and dips) in bitcoin have perhaps skewed expectations.