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USA Gold's November letter: Gold has tracked 'Misery Index'
11a ET Monday, November 1, 2021
Dear Friend of GATA and Gold:
USAGold's November edition of its "News & Views" letter reports today that since the 1970s the gold price has correlated closely with what presidential candidate Ronald Reagan called the Misery Index," the combined rates of inflation and unemployment.
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The correlation, "News & Views" says, shows that gold was a great hedge against "runaway stagflation. ... The Misery Index nearly doubled in the 10-year period between 1970 and 1980, but gold rose by more than 15 times. There were instances during the decade when the year-over-year increases in the price of gold surpassed 80%, and in early 1980 it surpassed 175%!"
Maybe that's one reason why gold derivatives were invented and central bank intervention against gold, open and surreptitious, has increased since then -- and why the gold price is not responding to the explosion of inflation and worsening of geopolitical tensions.
USA Gold's "News & Views" letter for November is posted in the clear here:
https://www.usagold.com/nv1035november2021/
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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