This chart shows gold has already been in a bull market for 2 years

It looks increasingly clear that gold has started a new bull market.

But almost everywhere outside the US, gold has been in a bull market for two years.

Gold is globally priced in US dollars. But due to the ongoing currency wars that have seen most currencies fall against the dollar, the gold price in these other countries has been rising. In some cases dramatically.

As uber hedge funder Dan Tapiero points out in his compelling video, for those outside the US that have owned gold since 2014, they’ve watched the value of their holdings grow when measured in their local currency.

Here’s the chart.

Hard Asset Alliance

For the currencies shown in the chart, the story is more than just “gold is in a bull market.” Gold priced in the Canadian dollar, Australian dollar, and Japanese yen are approaching their all-time highs.

And in the Russian ruble, Brazilian real, Turkish lira, and South African rand, gold is at all-time highs.

The New Gold Bull Market Has Only Just Begun

The message is pretty clear. It’s only a matter of time before gold, priced in US dollars, joins every other foreign currency in the world and marches substantially higher. That process is now underway and—fortunately for investors—just getting started.

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