• This is, of course, a long-term review.
• As with the 5 previous financial bubbles back to 1720, gold's real price declined with the example that blew out in 1Q 2000.
• Typically, once the bubble climaxes gold's real price increases and it generally outperforms most investment alternatives.
• While Wall Street focuses on nominal stock prices, earnings, and dividends, have the gains from 2002 until 2006 been due to increases in intrinsic value or due to currency depreciation?
• This analysis suggests the latter has considerable influence.
