WSJ says gold near record. No. Still about $500 away from the record.

WSJ headline say gold near record price—and since gold is little more than a hedge against inflation, you must adjust for inflation. The record was in February, 1980 if you adjust for inflation: $2,541.61. It's now $2,055 an ounce.

.

The actual story is how it has moved so little since 1980. Some inflation hedge.

.

Here is the adjusted-for-inflation chart—the only one that matters when the price of the commodity is almost entirely dependent on its hedge-agasint-inflation image:

.

https://www.macrotrends.net/.../historical-gold-prices...?

.