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Gold’s rally has been nothing short of historic, but 2020’s rush is still far from over, according to the investors who bought into it and the analysts being forced to continuously change their price targets.

The yellow metal’s price has surged more than US$330 per ounce since March and is now trading above US$1,800 per ounce for the first time in nine years. Miners have also benefited from the run and watched their stocks rally, while perhaps the sector’s most popular exchange-traded fund, the VanEck Vectors Gold Miners ETF, has doubled in value.

The growth potential shown by the sector is a stark reversal from the minimal returns it offered investors during the past decade as bullion was, for the most part, stuck in a range between US$1,100 and US$1,300.

One thing pushing the investment thesis for gold in 2020 has been the macroeconomic impacts of COVID-19, iTrustCapital Inc.’s economist-in-residence Tim Shaler said.