There is only one other time in history we have witnessed gold prices trader higher than they currently are: 2011. At that time, the US government debt had been downgraded by rating agencies and it seemed the world, the US dollar, and the stock market were melting down before our eyes. This time around, the yellow metal rally has a completely different backdrop. Stock indices are (reasonably) near all-time highs, the dollar is hovering at levels considered to be unsustainably lofty in years past, and despite aggressive monetary policy and debt loads, the US government is still considered a risk-free borrower. Yet, gold has managed to find a way to move higher.