John Hathaway - Gold & US Today vs 1980 Mania

``... there are two reasons to think that $1500 gold represents a mid-point and not a final destination for the gold price in this bull market. First is the tendency of fiat currency hostage to the democratic process to self-destruct. Second, and equally important, economic vitality is incompatible with a flawed and chronically failing medium of exchange. The prognosis for the dollar is terminal, in our opinion, short of political sea change... [and] hope that the political battles over the debt ceiling and the future of government spending will result in fiscal sanity and that, pending such an outcome, normal economic progress will resume, to us seems misplaced.''