Brilliant Robbbb, thanks much
The slope of the rise from 1976 is steeper than that from 2001, as 1976 marked the beginning of serious inflation fears leading to the blow-off top starting in 1979. But of course gold had already been rising from 1971.
Can you kindly adjust your log chart to start the run from 1971 instead and superimpose the 1971-1980 range to the 2001 low?
I also ask because it relates to what DLUX posted yesterday http://www.hotcopper.com.au/post_single.asp?fid=1&tid=850244&msgid=4711044
that the esteemed Jim Sinclair went bullish gold in 1971 and predicted $900 price at that time in Barron's, He used the following equation, based on the fact that “gold's job is, and will always attempt to during periods of monetary stress, balance the INTERNATIONAL Balance Sheet of the USA”:
Oz's of Gold Held by US x $ Price of Gold = External Debt
Jim left the gold market for 21 years when it neared $900. He re-entered in 2001 and using the same equation, now has a price target of $12,000.
Rowingboat
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