Buying a "Hairway to Steven" with Gold - Adrian Ash

Gerald Ford made buying gold legal for the first time in three decades on the last day of 1974. But planning ahead, international bullion dealers had already pushed the price to that peak of $195 per ounce just 1 day earlier. So come the middle of 1976, America's earliest buyers had lost 45% before costs.

Who could have said for sure that they would recover not only that loss, but make a further 355% gain on top, when gold finally peaked at the start of 1980 - the same year Zeppelin broke up?

...

Fast forward to spring 2012, and it's now six months since gold hit what remains, for now, its latest all-time peak - a London Gold Fix on 5 Sept. 2011 of $1895 per ounce.

Just how long might gold owners wait to see it get there again? To date, the 21st century bull market has enjoyed seven breathers longer than this one so far.