Gold’s ‘Highly Inflated’ Track Record
Proponents of precious metals investing love to call gold an inflation hedge. Critics, including me, have pointed out that consumer prices rose incessantly from 1980 through 2000 while gold declined nominally from $850 to $250 per ounce.
That 70.58% two-decade-long decline was always brushed aside by metal lovers once gold made its run to over $1900 in August 2011. Gold bugs simply pointed to the huge recovery while crying “cherry picking” by using 1980’s previous all-time high as the starting point for measuring.
To combat that bias I’m working backwards from yesterday’s closing price of $1,395.30 and using constant 2013 dollars. Gold’s April 19, 2013 price per ounce is now equal to what it was in 1979 on an apples-to-apples comparison.
Someone holding gold continuously over the past 34 years has seen no real increase in purchasing power.
Read More: http://economicrisis.com/golds-highly-inflated-track-record/5431
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