It's hard to take the 1980 gold price, and make that one data point, into an argument about "normalized Gold Price". There was a Jan spike and it was $850
But if I do a rough linear regression(I didn't run the numbers), even if you do, a regression of the price from Jan of 1980, you get $675, and not $850, and what is that 30% off the "peak", Any broader look at distributions in Gold price, are more in the $400 range, than they are in the $800 range.
The argument is this.
The inflation-adjusted price of gold in Jan, 1980 was $2300 of today’s dollars. We are now 50% below that peak.
But if you are talking about half that price, or even $500 as a peak Average price, which gold averaged for 2 years. it's .6 of the peak, which would give you $1380 as an average price, You are still within, 20% of that price. and if you liken $400 to current prices, you are well within the model, with a current price of $1150. Matching the $400 1980 price.
And all of that assumes that "This time" will mirror, last time, in your Socio-Economic Pricing model.
All of this, out of something that, they continue to find more of, and that is not consumed.
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