While the wealth generation in absolute terms can be breathtaking in a gold bull market, it is the relative gains that are most astounding. As nearly all market participants watch wealth evaporate, gold investors head in the exact opposite direction with equal or greater force.

From Boom to Bust… In 1836, following the triple blows of cholera, the Bank War, and the Great Fire, NYC’s economy shifted into overdrive. The value of Manhattan real estate, registered at $143M in 1835, mounted to $233M within 12 months. Most of this represented speculation.