Gold Fever. It Ain't What It Used to Be.

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...Primarily, however, it is probably because high though the price of gold seems today, the record $850 an ounce it hit at the London fixing on January 21, 1980, translates in today's money to more than $2,150.

...Compared with the frenzy that went on back in 1979-80, the last time prices were this high, reaction to the current rise to record levels for the yellow metal is decidedly tame.

Where is the mad rush to cash in on any old bit of gold lying around at home? Where is the drumbeat of gold as the saviour of humankind?

People back then rushed to cash in and have their gold fillings taken out. In America, the high school graduation ring -- a knuckle-dusting chunk of a thing -- looked at times to be an endangered species as it headed for the gold melter...

The hooplah that accompanied gold's record-breaking rise the last time around is probably missing this time partly because although there is plenty of risk around, including high oil prices, there is little 1970s-style doomsaying.

Primarily, however, it is probably because high though the price of gold seems today, the record $850 an ounce it hit at the London fixing on January 21, 1980, translates in today's money to more than $2,150.

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