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From what I see on the Kitco charts, gold was wildly speculated in 1979-80 when it hit $840 an ounce and then collapsed to $300-400 for two decades. The present run picked up momentum in 2006 and has since tripled. The January 1980 event was certainly fed by high inflation and international political unrest. It was much different from the slow climb now going on.

I suspect it's China and India that are investing heavily  while the IMF hasn't put its gold up for sale for some time now, 2009 if I'm not mistaken.

by de Gondi (publiobestia aaaatttthotmaildaughtusual) on Mon Jan 14th, 2013 at 10:39:34 AM EST
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And there was a speculative frenzy - think Tulip Bulbs.

MacKay's 1841 book Extraordindary Popular Delusions and the Madness of Crowds should be required reading in secondary school.

by ATinNM on Mon Jan 14th, 2013 at 02:30:26 PM EST
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