(Kitco News) - We have breached the first level, $1,350 an ounce, needed for gold to climb to $3,000, said Dan Oliver, founder of Myrmikan Capital.

"There's a lot of pressure into gold, and we've just barely begun this cycle," Oliver told Kitco News.

Oliver noted that once gold had broken above $1,350 an ounce, institutional investors started to pay more attention, especially once heavyweight fund managers like Ray Dalio of Bridgewater Associates started publically advocating for gold.

"None of these institutional guys want to be heroes, like mentioned. Once a guy like [Ray Dalio] says it's ok, then they can all do it, and what's interesting is that all the institutional money is trying to squeeze into a market that is very small, and it's hard to figure out how to do it, and that's what they're scrambling to figure out. So, I think there's a lot of momentum behind this move," Oliver said.

On monetary policy, the Federal Reserve is likely to keep lowering rates to fulfill market expectations, Oliver said.

"It boils down to one thing, the [Fed] either prints money or they don't print money, they're tightening or they're loosening. That's all they can do. And right now, they've been tightening for the last few years and we hit an inflection point where they lowered rates just to test the waters and the markets want more. All the interest rates futures markets are signaling they'd better lower rates more, or else the markets are really going to be unhappy," he said.

Check out more gold coverage on Kitco News.

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This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.