It looks increasingly clear that gold has started a new bull market. But almost everywhere outside the US, gold has been in a bull market for two years. Gold is globally priced in US dollars. But due to the ongoing currency wars that have seen most currencies fall against the dollar, the gold price in these other countries has been rising. In some cases dramatically. As uber hedge funder Dan Tapiero points out in his compelling video, for those outside the US that have owned gold since 2014, they’ve watched the value of their holdings grow when measured in their local currency.