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Chart of Gold virtually identical to 1978, the year before it doubled. Will history repeat itself?

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posted on Sep, 14 2011 @ 06:49 PM
So, curious over the future of gold prices, I started doing some research on the price of gold as compared to the previous spike, the late 1970's. I was astonished at what I found. The chart of the past year is almost IDENTICAL to the chart of 1978-1979. Here are the charts, what do you think?

(All charts courtesy of Gold breaking
Chart since May 2010

Chart of 1978-1979:

Crazy, huh? For an idea of how similar the charts are, here are the two plotted on top of each other:

They're incredibly similar! But lastly, here's the kicker. A chart plotting the parabolic rise in gold in 1978-1979, if it were to happen today:

So, we might see $3550 gold by the new year

Pretty crazy stuff. What do you all think? Is the price of gold going much higher in the coming months?
edit on 14-9-2011 by mossme89 because: (no reason given)

posted on Sep, 14 2011 @ 07:05 PM
Probably will set incredible new records. But this broke kid got no gold.
Not even in my teefs.

posted on Sep, 14 2011 @ 10:47 PM
I think as the world's economy becomes more unstable the value of gold is going to go up and up. If paper becomes worthless as money, people are going to turn to something more tangible to make their purchases etc..I might be wrong but gold has been around and valued for most of our recorded history. More than likely, longer.


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