Since mid-August, New York gold futures have risen more than 42%. After finishing down at the early-afternoon close yesterday, they shot above Monday's record of $927.10 in later electronic trading...Investors from Wall Street to Main Street are betting on what had long been a losing investment. After hitting $847 an ounce in January 1980, gold futures fell for almost 20 years, grinding down to $253 in August 1999, a 70% drop. Gold remained dull until 2001. Prices have more than tripled since then, but didn't exceed the 1980 record until this year...
To keep pace with inflation going back to 1980, gold futures would need to be above $2,228 today. Believers see that as a sign that gold has a lot of room to rise, and predict it will surpass the $1,000 mark this year.
from the WSJ
Despite begin in "record" territory, gold still has a long way to go to hit a true record.
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