Doug Casey: It's long overdue.

The thing to remember here is that since the crisis of 2008, not just the US but all of the major governments in the world—the Japanese, the Chinese, the Europeans, and all the little countries too—have been printing up money hand over fist. Gold hasn't really responded so far.

All that new money has gone into the stock and bond markets, and certain areas of the real estate markets. Now interest rates are once again down to their all-time lows, and over $17 trillion of bonds have negative yields—something that should be metaphysically impossible. Money is finally starting to filter down into commodities. All of which are extraordinarily depressed right now.

The move in gold has grabbed everyone's attention. But all the commodities are going to move higher. There's a lot of fear building up, and that always drives gold prices.