The phrase ‘There’s gold in them thar hills’ comes from Mark Twain’s 1892 novel The American Claimant. He is believed to have adapted the phrase from a time when a well-known gold assayer stood up in a town square in Georgia in 1849 and, to keep locals from heading to California for the Gold Rush proclaimed to a crowd of gold miners, “Why go to California? In that ridge lies more gold than man ever dreamt of. There’s millions in it.”
Fast forward 170 years, and it may be time to hear such cries again, as the price of gold recently rocketed to an all-time high of just over US$2,000 per ounce. In Australian Dollar (AUD) terms, this equates to around AUD$2,800 per ounce, and is up 30% on the same time last year. Over the last 20 years, gold has shown relatively consistent growth, but the last 6 months has been especially strong as a result of the global response to the economic impact of COVID-19.