Gold prices had been building a base of support around $1,700 per ounce for several weeks. Last week, prices began to break out from that base of support (see the following chart). Prices moved up steadily, closing at their weekly high of $1,756.30 per ounce. Both technical indicators (see the following chart) and fundamentals seem to support higher prices. Many analysts continue to see the mounting debt as a major catalyst for higher gold prices. According to TD Securities commodity strategists, via Kitco News , “The resumption of the downward trend in real rates, which remain in negative territory, along with a low cost of carry and concerns surrounding fiat currency debasement as skyrocketing debt makes appealing various forms of debt jubilee in some circles, likely mean gold price could test TD Securities' target of $2,000+/oz in the latter part of 2021. … There is strong evidence that gold performs well when debt is skyrocketing.” Another factor that has not received much attention is that some 6 million ounces of annualized mining gold production has been shut down due to coronavirus concerns. So now may be a good time to add gold to an investment portfolio. Rick Andrews is president of Avant Capital Management.