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The Audit
03:09 AM - April 22, 2011
WSJ Goes Page One With Another Gold “Record”
But in real terms the price is more than a third below its peak three decades ago
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"But, as I’ve noted repeatedly, gold is not anywhere near a real record. The only way you can get there is by not taking inflation into account."
The rise in the gold price IS the inflation. Or, rather, it is the consequence of the inflation of fiat dollars and other govt-issued paper. Thus, 1,500+ is both the real and the nominal record. In a free market, the natural tendency is for prices to fall or remain steady (e.g., cell phones, computers, marijuana); in highly regulated or govt-run market, the opposite is true (e.g., food, medicine, cars, mail, money). But your mistake is taking inflation as an inevitability, to the point of being blind to one of the most basic and natural indicators of inflation itself: the price of gold.
#1 Posted by Dan A., CJR on Fri 22 Apr 2011 at 08:04 PM