Gold Is Heading Higher as Inflation Rages. Why the Next Stop Could Be $3,000 an Ounce.

Gold bugs have been a lonely bunch, but that may be starting to change.

In the past week, gold made another run at $2,000 a troy ounce, a level above which it has closed only once, back in August 2020. The price then retreated—bullion was trading around $1,935 an ounce on Friday—making the run-up easy to dismiss as just another head fake for a metal that has trudged along as its commodity cousins have exploded upward in price.

Consider…