Hmmm, I did hear RP say something similar. And it's true that this chart doesn't take into account inflation. Value is determined by how many goods and services you can buy with that ounce of gold.
But still, if you have chart handy where you can demonstrate that an ounce of gold TODAY can buy the SAME amount of goods and services today as it did in the past, I would be much obliged.
Edit: Found a shadowstat graph, inflation adjusted goldprice chart.
As a matter of fact, it's even worse than I thought. Buying gold in 1980 would mean no chance of selling for profit even if you sold it AT THIS MOMENT. Yes, and this time we ARE talking in terms of value (goods and services bought with the same amount of gold).
Want DP delivered to your inbox daily? Subscribe here: