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To: Terry Whitman who wrote (50861)	7/7/1999 11:27:00 AM
From: Defrocked	Read Replies (1) \| Respond to of 86076

The 10 year bond was around 12% and the 3 Mo. bill about 15%. Also add in the Russian invasion of Afghanistan and a shaky dollar to help complete the Dec'80 picture on gold.

To: Terry Whitman who wrote (50861)	7/7/1999 11:53:00 AM
From: IceShark	Respond to of 86076

I was there, but not in the market. There was no hindsight needed - most knew it was bogus and manipulated, although at the time there wasn't much you could do about it. I was building a sailboat at the time and using a fair amount of silver solder on plumbing and was mighty pissed to see it sky. As I recall there were a shit pile of futures contracts purchased in the mid to late 70's and then people started to demand physical delivery around mid '79. The price went from about 5 bucks and topped at 50 in January '80. All this went on at the same time gold went legal and common people jumped into that sinking ship.