New York Sun: Kaboom?


From the New York Sun
Tuesday, December 23, 2014

"Kaboom! Dow 18K" is the headline atop the Drudge Report. It links to a story on the Bloomberg wire reporting that the Dow Jones Industrial Average "rallied past 18,000 for the first time, after data showed the world's largest economy grew at the fastest pace since 2003 last quarter."

By 4 p.m. the Dow had gained 64.73 points and hit 18,024, while Standard and Poor's 500 Index hit a record 2,082.17 and the American economy was expanding at an annualized 5 percent in the third quarter as, Bloomberg noted, "consumers and businesses spent more than was previously estimated."

What the story failed to note is that the value of the Dow -- that is, its worth in ounces of gold -- is nowhere near a record. This can be glimpsed in the charts that are kept by The chart illuminates that even with the kurrent "kaboom," the current value of the Dow, at just under 450 ounces of gold, is below where it was at the start of the Obama administration, when it was near 350 ounces, and way down from its record of 1,400 ounces part way through 1999. ...

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