What goes up...

What goes up, may come down. Here is the historical real price of gold, as per Paul Krugman:

Of course, there are some secular trends now that were not there in the 1980s- namely the increasing buying power in the gold-hungry countries of India and China. So when the price of gold eases, it will probably stabilize at a higher real price than the 1985-2006 average. I suppose.