The Dow Jones Industrial Average, Priced Per Ounce of Gold
The fascinating chart above provides a thought-provoking alternative scope for viewing US economic history as its its assets became more publicly traded.
The Great Crash of 1929 looks like a minor bobble in a steeplechase. The broad-based post-WWII economic expansion capped by the Go-G0 '60s began to falter congruently with US fortunes in Vietnam, then was followed by a steep crash brought on by the conflict's huge debt overhang. As the US went off the gold standard at Bretton Woods II and printed money to pay those debts, the Dow/gold ratio touched its century-long low in the late '70s as the Fed raised interest rates to century-long highs in order to stanch hyperinflation.
Finally, the Dow-gold multiple scaled a cliff wall in the '90s as simultaneous housing and dot-com bubbles rapidly filled in the mid-'90s, with a decade-long decline which shows no technical or fundamental sign of abating, and which at @10:1 is still at least twice the previous century's non-bubble baseline. Physical gold and other industrial metals are compelling portfolio investments in that context.