In January 1980, gold closed at $850 USD an ounce on the London Fix. From the 21 years until 2001, it trended mostly downward. In 2001, it rose from a low of $255.95 to a high of $1218.25 by 2009.
As a result of this rapid rise, investment demand for gold surpassed its jewellery demand in 2009 for the first time since 1980.
[...] According to Gary North of LewRockwell.com, it is. That is, when you have to justify gold’s embarrassing performance from 1980-2001, from a closing high of $850 USD an ounce in January 1980, to a low of $255 an ounce in [...]