Gold prices continue smashing records, reaching $2.25K/oz yesterday. While gold is typically seen as a hedge against inflation, its recent rally reflects concerns about geopolitical instability. With looming wars and a slew of tense global elections on the horizon, investors are turning to this “safety play” for security.

• Amid uncertain elections in the US, UK, India, Mexico, South Korea, and beyond, one analyst notes that investors appreciate that gold “holds no national passport and has no politics” (WSJ).
• Meanwhile, ongoing conflicts have some fearing an “endless” war between Israel and Hamas — and the UN sees “no end in sight” to Russia’s war with Ukraine.

How high can it go? Many banks offer bullish medium-term forecasts for gold, with JPMorganJPM

saying even $2.5K is possible this year. Goldman SachsGS

expects high central bank purchases to drive prices up. And one analyst at CitiC

won’t rule out $3K — though they say it may take a global recession to get there.