IMO we are still early to mid stage 2. Within the major 2nd wave, we are near wave 5 of wave 1.

Stage 2 (when complete) should take us in the 2000's.

Stage 3 "the mania" should take us to somewhere between 5000-10000 per ounce barring severe inflation.

Should hyper-inflation strike the U.S., the dollar price of gold could go astronomical but it would be meaningless as the purchasing power would still remain nearer the above stated values.

P.