Gold Price by President: 1989-2024

27 Jan

Gold Price by President: 1989-2024

How high will gold go in the next four years?

The price of gold has risen under every US presidency since 2000.

This graphic from Visual Capitalist reflects the gold price action from 1989 until August 2024 using World Gold Council benchmark prices.  That month gold broke above $2,500 for the first time ever.  To update the figures, when President Biden was packing up to leave the White House on Friday, January 17, the price of gold was $2.715.  

Using WGC benchmarks, the chart reflects gold having risen by 53 percent in Donald Trump’s first term, rising from $1,208 to $1,841 in the four years.

A similar increase during his new term would carry gold to about $4,153. 

Gold’s biggest moves in this century have come during Republican presidencies.  There are several reasons for this.  In Democratic administrations, congressional Republicans will occasionally – although not too reliably – muster some opposition to the growth of taxing and spending.  Or as Grover Norquist observed, “”the only reason for Republicans to exist is to stop new taxes.”  Republican opposition to fiscal recklessness seems to mysteriously fade away in a Republican administration.

But of course, the picture is vastly more complicated and depends on monetary policy and well as fiscal policy.  Check back with us often here at the Republic Monetary Exchange blog for more about both monetary and fiscal policy in the months and years ahead.