Gold tops six-year high as metal lodges 1.3%

Gold is on a tear as of late.

After stagnating and trading between $1,100 and $1,300 for the last few years, the yellow metal might finally begin its surge.

Here is how gold has been trading in the last week:

At the time of this writing, gold prices have advanced $18,70, or 1.34 percent, to $1,418.80, which is their best levels since April 2013.

There might be some more legs in this rally:

– Geopolitical tensions in the Middle East and Asia.
– A falling U.S. dollar (down 1.6 percent on the year).
– An easing Federal Reserve.
– A spike in inflows in gold-related exchange-traded funds (ETFs).
– Uncertainty in global economic markets.

While the $5,000 price target from Peter Schiff a few years ago is unlikely anytime soon, the precious metal could top $1,600 in the next 12 months.