And if you had bought in 1979 you would still be underwater.
I'm thinking of melting my Krugerrands and fashioning a grill so it's more portable.
Yep. Exceptional market conditions at an exceptional point in history. But I think even you'll agree that it's far too simplistic to say that had you bought gold in 1979 (implying at any point in 1979) you would have lost money. Gold prices fluctuated up and down in 1979, just as they are doing these days. Unless you bought at the absolute peak, there was still moeny to be made if you didn't buy to hold long-term. I was in high school at the time, but as I remember, the amount of short-term holding and reselling of gold and silver was immense, driven mainly by people seeking short term profits.
That's part of the investing environment. Sometimes you make money, sometimes you lose money.
But the same kind of economic and market conditions that drove gold and silver to its peaks in 1979 don't exist today.