Monday, June 22, 2009

How The Gold Bull Market Ended (in 1980)


TUESDAY, 22nd JANUARY was a day like any other, only more so, as 1980 got under way.

"Car production fall forecast," said a headline in the Financial Times. "Bleak future for North," said another. "Economic policy deepens pessimism over future," added a third.

It wasn't all doom and gloom in the pink pages. "Lazy millionaire will back energetic individual," said one classified advert; "Property investment opportunity, 18% by 1982," another promised. But the casual investor reading the broadsheet at breakfast, or the professional trader struggling to flick open his FT on the Tube, would be forgiven for feeling as bleak as the weather. (more)

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