I often tell this story: In 1971 you could buy a half acre undeveloped oceanfront lot on NC 12 in Southern Shores (Kitty Hawk, NC) for $30,000. At that time the price of gold was $38 the ounce. Today the same oceanfront lot would fetch $1.5 million and the price of gold is verging on $950. The difference is inflation and it will continue to increase especially now with the deficits growing so profoundly. If you have 38 years to wait I can hardly imagine what the same lot and ounce of gold will cost.
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