1970s Gold Price Correction Sparks Parallel with Current Market

Between 1971 and 1980, gold's price skyrocketed from $35 to $850, a gain of more than 20 times in under a decade.

In 1974-76, gold fell by approximately 47 percent, dropping from around $195 per ounce to roughly $112 per ounce. Analysts at the time declared that the bull market was finished, but it wasn't.

Gold went on to nearly eight times the correction low by January 1980, a gain of more than 650 percent from the trough in August 1976.

The mechanism driving gold's price during this period, a currency losing purchasing power, never changed. Only the price itself fluctuated.