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The often quoted highest price ever paid for an ounce of gold, achieved in 1980 when everybody wanted out of the stock market and everyone wanted to buy gold.

If you had sold your gold then and bought stocks and held to today, you would be pretty well off. Being a contrarian can be a good thing. Today, early in the year 2000, the opposite trade might be a good idea ...


Update 17th April, 2002
As I wrote the above the price of gold was about US$270 per ounce and the NASDAQ composite index was around 4000. Today, the price of gold is near $300 and the NASDuck index has fallen to about 1800. The S&P index has similarly fallen from above 1400 to today's 1128.

Michalak, I'm sorry but you're wrong in predicting that the price of gold will not go above US$400/ounce in the next 25 years. I also hope that you didn't hold your tech stocks all the way down from their bubble high prices of 1999-2000. By the way, I expect further downside to those same stocks even from today's price.

You can quote me - eventual bottom for the NASDAQ composite index for this cycle is going to be below 1000.