> The price of gold has skyrocketed since the good economy years of the 1990s. Heavy deficit spending, in this latest era, began during the Bush Admin, post 9/1

> The price of gold has skyrocketed since the good economy years of the 1990s. Heavy deficit spending, in this latest era, began during the Bush Admin, post 9/11. There was huge deficit spending under Reagan, and gold remained flat. There was little deficit spending under Clinton (who managed to create a US budget surplus), and gold remained flat. No correlation in either direction there. * https://goldbroker.com/charts/gold-price/usd#historical-chart https://goldbroker.com/charts/gold-price/usd#historical-char... There was huge deficit spending for the Bush years of 2001-2008, and yet gold didn't really jump in his first term, though it did rise in his second. Gold went up in Obama's first term, but tanked in his second—even with QE and its supposed "Money printer go brrrr" effects. People were complaining that the 2% inflation target was too low during and after Obama (and into Trump's administration) because of concerns about ZIRP and ZLB: * https://www.imf.org/external/pubs/ft/wp/2014/wp1492.pdf https://www.imf.org/external/pubs/ft/wp/2014/wp1492.pdf * https://www.epi.org/publication/is-2-percent-too-low/ https://www.epi.org/publication/is-2-percent-too-low/ * https://en.wikipedia.org/wiki/Zero_interest-rate_policy https://en.wikipedia.org/wiki/Zero_interest-rate_policy Personally, over the course of 40+ years of various monetary rate and fiscal spending policies, I see zero correlation between them and the price of gold. I think it's better to look at behaviour finance (and animal spirits) for the reasons for the changes in gold prices.