It is an interesting chart, and consistent with ideas promoted by Skol.
I am a bit more wary about making these comparisons. The economic fundamentals are very different:
1. Interest rates in the 1980s were at century highs, where as now they are now at century lows. The opportunity cost of holding gold is much lower.
2. Gold was closer to centre stage in international policy thinking in 1980, where as now, it is almost irrelevant.
3. The structure of the market has changes significantly, with previously dominant producers in retreat, and major new consumers emerging.
I think that it is more useful to focus on what we are dealing with now, rather that look for guidance in a time that has "had its day".
