I referred yesterday to an article by Tony Allison, which reproduced a graph of the long-term inflation-adjusted price of gold. Here is the original article from InflationData.com.
It looks to me as if the median price of gold (in 2007 dollars) runs at around $450/oz., but I'd be glad to hear from anyone who can give a better estimate.
And the Contrarian Investor's Journal argues why, even in deflationary times, gold may still be a good choice.
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