But while the DJI is celebrating its hard fought recovery to record highs, the DJI has also lost 60% of its value to gold since its peak of 42.5 ounces in 1999. Investors were much better off owning an ounce of gold, than a share of the Dow Jones Industrials over the past six years. Nowadays, the gold vigilantes are stubbornly tracking the direction of monetized stock indexes around the globe. Someday, Greenspan’s magic formula could turn into Bernanke’s worst nightmare.
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