2001 marked the quiet start of gold's second great bull market. With the dot-com bubble bursting, the Federal Reserve cutting rates aggressively, and the September 11 attacks shattering confidence, investors began returning to the metal they had abandoned for two decades.
From its 1999 lows around $260, gold would now climb almost without interruption for a decade. The launch of the first gold exchange-traded funds in 2004 would pour fuel on the fire, letting ordinary investors buy the metal as easily as a stock. The destination was $1,920 in 2011.
Key events of 2001
- 2001-09-11
September 11 attacks
A flight to safety and aggressive Fed easing mark the start of a new gold bull.