Gold continued its downward path this past week and all but confirmed that lower prices are ahead. Below is a chart of price action dating back to the peak in 2020... {chart} The nominal price peak for gold at $2058 oz. in 2020 represented a one-hundred-fold increase over its original convertible price of $20.67 oz. Since the summer of 2020, though, gold has declined in both nominal and inflation-adjusted terms. INFLATION-ADJUSTED PRICING Gold is real money. The U.S. dollar and other paper currencies are substitutes for real money. Over time, the inflation created by expanding the supply of money and credit cheapens ... (full story)