[cjy]

But gold isn't the only store of value. You could have used silver or copper. And, the value of gold fluctuates wildly in response to fears of future inflation. This creates a lot of noise. Finally, you should know that most economists consider the CPI to overstate inflation due to substitution bias: http://www.frbsf.org/econrsrch/wklyltr/el97-16.html