Via SchiffGold.com,

Last week Peter joined Oliver Renick on his show, "Market on Close," on the Schwab Network. They discuss gold's stellar year in 2024 and where the metal is heading, and Peter also comments on the price of crude oil, treasury yields, and the Fed's recent rate cut. 

Peter compares gold in 2024 to gold in 1979 but notes one key difference. In 1980, the Fed raised rates, putting a stop to gold's rise. Rate hikes are highly unlikely after the Fed's recent announcement:

"Gold is up almost 30% so far this year. Another all-time record high today, getting close to 2700 in the spot market. This is the best year that gold has had since 1979...

...A key difference between now and 1979? That was the end of the gold bull market. And in 1980, Paul Volcker raised interest rates up to 20%.

That's what killed the bull and brought inflation down. But the current Fed is cutting rates. It's going to cut rates more in 2025. So, gold is just getting started."