The stagflation playbook
Why the 1970s remain the reference case for gold's biggest bull markets.
Stagflation — high inflation with weak growth — is historically gold's best environment. Bonds lose to inflation, stocks lose to weak earnings, and gold benefits from both.
The 1970s in one paragraph
US CPI averaged over 7% for the decade. Gold rose from $35 to over $800. Equities returned roughly zero in real terms. Bonds lost significant purchasing power.
Is today similar
The setups are not identical, but several ingredients rhyme: fiscal dominance, structural inflation pressure from deglobalization, and central banks constrained by debt levels. That is enough to justify a strategic allocation.
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