The disadvantage of this representation is that it obscures the values of periods when the price was lower: the recent sharp rise tends to flatten out everything that happened before. To better understand gold cycles, it is best to use a logarithmic chart. A logarithmic scale allows values belonging to very different orders of magnitude to be represented on the same chart, which is precisely the case for gold. On the y-axis, we can see that the intervals between 30, 300, 3,000, and 30,000 are identical, even though each value is multiplied by ten. The advantage of this is that the cycles of the 1970s are clearly ... (full story)