As Good as Gold – How Good is That?
Lots of attention has been on gold prices as an inflation and/or currency hedge. Because gold’s price has been hanging around $1200 recently many people have become enamored of the yellow metal.
YTD the average gold price has been $1154 /oz. and most people see that as very close to gold’s nominal all-time high. On an inflation adjusted basis, however, it’s nowhere close to its real, constant-dollar high from 1980.
The Economistmagazine published a nice chart that puts things into perspective.
The 1980 average price was $1623 /oz. (in 2010 dollars) meaning this year’s levels have been about 28.9%below their 1980 peak.
In fact, from that 1980 average price, gold fell 55% over the next two years and finally bottomed in 2000 at 81.5% less than that 20-year earlier peak.
The year 2000 pricing was actually lower than the inflation adjusted pricing from the late 1920s and 1930s. Imagine that, Gold – the mighty inflation hedge, lost buying power over the entire 75-year period from 1925 through 2000.
Dr. Paul Price – www.BeatingBuffett.com www.optionsprofits.com
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