Tom Usher commented or added the following:
"... if we use actual numbers for inflation over the last 30 years, then the price of gold would have to rise to approximately $7,500/oz to equal the 1980-high (a more than six-fold increase from today's price)."
Yes, but gold bugs are banking on doing the wrong thing vis-a-vis the fiat currency. That's a terrible position. That's akin to being a robber baron on a certain level. The right position to take vis-a-vis gold is to not want it to be "the" investment commodity because all the richest people own the most of it for one. More importantly though, being pro-gold while being anti-bankster is like being anti-war while being heavily invested in military-contracting corporations.
Also, we weren't all blind to the previous bubbles. I called the housing bust years before it happened. I also called the current downturn. I said double-dip before I saw it anywhere else. I don't know why that is, but it's true.