About this chart: This is the monthly chart of COMEX Gold. You can see the major low in December 2014 ($1,046), the rally to the high ($2,060) in August 2020, and the fall to the low in September 2022 ($1,660). This week gold rallied to $2,440. Higher gold prices show strong global demand and the desire to put money into something real, considering the huge US government deficits.
What this means for you: When gold prices bottomed in 2016, one ounce of gold would buy 216 bushels of corn. In 2020 (when gold hit $2,060), one ounce would buy a record 624 bushels of $3.30 corn. In September 2022, one ounce of gold would buy just 237 bushels of $7.00 corn. This week an ounce of gold ($2,440) would buy 567 bushels of corn. Corn appears to be undervalued.