The following chart is an inflation adjusted chart using the government's official CPI numbers ( not that they are any good but they at least serve to give us a view of where the metal should be priced if it kept up with even those fairy tale figures). I should note here that as a general principle, once a market takes out a 75% Fibonacci retracement level, it almost inevitably recaptures the entire move from whence the calculation began. In plain speech, that means gold is now firmly on target to reach at least $1750.
"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat
Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput
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