The article makes an interesting point about the 1980 $850 high:
After 28 years of inflation and a weak dollar, it will take a big push in the markets to surpass the 80s high in real terms. Gold would have to hit $2,200 an ounce in today’s dollars to match the 1980 price, Milling-Stanley said.
I interpret this to mean, "what quantity of standard basket items could you purchase."
Although I don't know where to get good commodities prices, here are two questions that would get to the heart of the matter:
* how much petroleum could be purchased for an ounce of gold in 1980 and 2008?
* how much milk could be purchased for an ounce of gold in 1980 and 2008?
ounce of gold
· 11 months ago
Gold has always been a constant economic commodity since time immemorial. As paper markets come and go, the price of gold will remain valuable, no matter if it fluctuates.
monkey whore
· 11 months ago
I think we should move to the hooker standard. Sex has been valuable much longer than gold and there's scientific evidence to prove it (unlike gold)... just look at that recent monkey prostitute science experiment.
All Comments
After 28 years of inflation and a weak dollar, it will take a big push in the markets to surpass the 80s high in real terms. Gold would have to hit $2,200 an ounce in today’s dollars to match the 1980 price, Milling-Stanley said.
I interpret this to mean, "what quantity of standard basket items could you purchase."
Although I don't know where to get good commodities prices, here are two questions that would get to the heart of the matter:
* how much petroleum could be purchased for an ounce of gold in 1980 and 2008?
* how much milk could be purchased for an ounce of gold in 1980 and 2008?