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Considering Gold, 2008 Not Like 1980
By Patrick A. Heller
January 07, 2008

Gold started 2008 with a bang, closing on the Comex Jan. 2 at its highest level ever (if you ignore inflation). It has gone higher since.

There are significant differences between the 2008 and 1980 gold markets, however.

" Today's price does not reflect the effect of 28 years of inflation. Gold's price would need to be, maybe, $2,300 to equal its 1980 peak.

" The 1980 price spike was sharp and short-lived. Today's price has been accomplished gradually with broad worldwide demand in the face of admitted major efforts by governments to hold down the price.

" Conclusion: the price of gold today is not yet at record levels. Instead, I expect that within 24 months.

Numismaster


Gold market

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