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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: long-gone who wrote (64462)	2/26/2001 6:25:35 AM
From: sea_urchin	Read Replies (2) \| Respond to of 116944

long-gone: There were other problems in the 70s that influenced the market. As I remember, there was legislation due to Nixon in 1974 who took the USD off the gold standard and put a freeze on wages and prices. This led to inflation which peaked in the early 80s when gold hit $850. Although Carter is usually blamed for the inflation he may not have been the cause. Anyway, whether due to Vietnam war, the oil wars or Nixon's economic policies, I understand that the standard of living in the US did not improve from the early 60s right until the mid 90s. I'm sure those living in the US at the time will know what I am talking about. Maybe you do. Apropos the IT stocks of the 70s, which you mention and which I forgot, I would say those were very different companies from the IT stocks of today most of which have attempted to capitalize on the development of the internet and the recent market "bubble". By the way, I am sure Hewlett Packard was also among the ITs of the 70s. You may well be right that it will take five years for the NAZ to recover. IMO the big reverse "spike" up to 5000 has very sinister connotations which remind me of the Dow pattern in 1929. In SA, we had a similar pattern in 1969 after which it took the market nearly 10 years to recover.