“Not inflation”, the gold critics will shout, in one of their go-to arguments. This is what we hear from CNBC’s Mark Haines at every possible chance: since 1980, gold has not kept up with the CPI and so shouldn’t be used as an inflation hedge. One would point out to Mark that this is analogous to arguing for global cooling based on that one 2005 start date. If you pick basically any other start date but the one corresponding to gold’s 1980 peak, you see something different, even giving CPI a long head start over floating gold prices:

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