Gold will jump as $20 trillion in U.S. debt doubles within 7 years

Brien Lundin, the editor of Gold Newsletter, President and CEO of Jefferson Financial, said recently at the New Orleans Investment Conference, which he is responsible for, that over the period of an eight-year term by a President, the Federal debt doubles.

Assuming that's how it plays out this time around, it means the current $20 trillion in debt will soar to $40 trillion in about seven years.

The reality is raising taxes and cutting government spending has no chance of dealing with these growing liabilities.

In the end, it means a significant depreciation of the U.S. dollar, which also means precious metals in general, and gold in particular, are guaranteed to increase, according to Lundin.

Gold price hit its highest level in over a year on Friday

The Gold price hit its highest level in over a year on Friday

Report put dollar under pressure while raising questions about future interest rate hikes.

Fed will meet on September 19 to decide whether or not to raise interest rates again this year. It would surprise the market if the decision was to go ahead with another rate boost.

Overall, higher interest rates increase the opportunity cost of holding non-yielding bullion.

Another issue is how President Trump will remake the board.

Demand for safe-haven assets have been climbing in response to tensions between North Korea and the U.S. That has also been a factor in the price of gold jumping.

A number of investors see gold continuing to rise over the next several months.

Similarly, Phil Streible, senior market strategist at Chicago-based RJO Futures, told CNBC that gold will likely rise to $1,400 per ounce.

Looking over to silver, the white metal touched a four-and-a-half-month high this week, trading above $18 per ounce.

Palladium was up 0.6 percent on Friday, trading at $961 per ounce, while platinum was up 0.3 percent, at $1,018 per ounce. Market participants are now wondering if prices will break $7,000 per ton.

Lastly, spot oil edged lower on Friday as domestic refineries saw a slow recovery from flooding after Hurricane Harvey.