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Gold is Not a 'Side Show'

Written by Lewis E. Lehrman - The Wall Street Journal

Wednesday, February 20, 1980

The lagged correlation between the rise and fall of Federal Reserve Bank credit and the rise and fall of gold is not perfect, but there is compelling association between the two. For example, almost every reacceleration of Federal Reserve Bank credit between January 1977 and January 1980 tends to be accompanied by an acceleration in the price of gold.

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