OT - A question for our gold/oil/financial expertsgreenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
This one's for our gold/oil/financial experts:
What was the price of gold during our last oil crunch in the 70's? With what appears to be an obvious oil shortage in the near future, do you see history repeating itself or do you forsee an entirely different outcome?
Thanks in advance for your responses.
-- LunaC (LunaC@moon.com), January 21, 2000
I'm no expert (Andy, correct me if my facts aren't exact) but seems like the price of gold went as high as in $800 level around the time of the Iran-Iraq war. As far as the future, who knows. With all of the gold leasing questions and 'paper gold' being traded, history may not repeat itself. Comments anyone (except for smarta**es)?
-- haha (firstname.lastname@example.org), January 21, 2000.
I'm no expert and at present can't locate any of my old charts but FWIW. I believe that durning the oil crisis of 73-74 gold rose quite sharply to $200 + or minus from &42.50. In 1980 it briefly rose to $800 when the CPI for two months running increased at a 2% rate which would be well over 24% on an annualized basis. Had Volker not slammed on the brakes we would have soon been in hyperflation. Slamming on the brakes had an affect close to the 1929-1933 period.
-- Ed (email@example.com), January 21, 2000.
-- warren blim (firstname.lastname@example.org), January 21, 2000.