Jan 7, 2014

Time magazine: "The great gold bust" (1976)

To hoarders and speculators, gold has had about as much luster as a rusty tin can.  In the 19 months since gold purchases became legal for U.S. citizens, the price has fallen more than 40% from its peak of $198 an ounce.  In three chaotic days of trading last week, gold fell $14 on the London market, reaching a 31-month low of $105.50 an ounce.  Though the price recovered to $111 by week's end, that is still a dismal figure for goldbugs, who not long ago were forecasting prices of $300 or more.

~ Time, "The Great Gold Bust," August 1976

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