"What's really unique about gold is it's the only major commodity that usually goes up over time that's really making new highs versus the other commodities that are kind of bumping up against ranges," McGlone tells Yahoo Finance. "But what's really unique is there's been significant outflows in gold ETFs, but they have reached a level now that's pretty good supported. I think it's about time those outflows look to inflows, which would accelerate the gold rally."

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Editor's note: This article was written by Luke Carberry Mogan.

Video Transcript

SEANA SMITH: Before we get into the specific price action, talk to us just about what exactly is driving the price of gold higher and whether or not that trend, you think, still has some legs.

MIKE MCGLONE: Yeah, the answer is yes and yes. I think it's got a lot more room. The way I look at gold, it's just a matter of time it gets to 3,000. I don't want to admit I've been saying that for years, but it's finally breaking above that $2,000 an ounce level. And the foundation starts with the unlimited friendship between President Xi and President Putin.

That shifted the world order, and it's created a lot of people who are, you know, trying to get away from the dollar and focus on gold. So the largest pockets on the planet central banks, i.e. China and some India, are buying gold, continuing to do that. And I see that continue. And I don't see what stops it.

And what's really unique about gold is it's the only major commodity that usually goes up over time. It's really making new highs versus all the other commodities that are kind of bumping up against ranges, but what's really unique is there's been significant outflows in gold ETFs, but they've reached a level now that's pretty good support.