| From Atimes.com: The 28-year-long record high in gold price, at $850 per troy ounce, set at the pm fix on January 21, 1980, was broken several times in January and February 2009, hitting a then all-time high of $1,218.25 on December 3, 2009. It was broken again at $1,231.41 on August 19 this year, and again at $1,239.50 on August 25. This reflects the sustained decline in the value of the fiat dollar in gold of constant value.
The actual record high set in 1980 would be $2,387 in 2010 dollars, or 71% higher than it closed on November 9. Gold is a hedge against a weak dollar, not a hedge against inflation..............................................Full Article: Source
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