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From 2004 to 2009, the inflation rate was less than 4% each year. Gold was $443 an ounce in March 2005 and $975 an ounce in March 2008. Yes rich people had to put their money somewhere as banks and then corporate America started to collapse during the surprise crisis, they took them out of equities for banks offering subprime mortgages and put them into assets like precious metals and the like.

Also in 1999 MSFT was $57 a share. In 2009 it was $16 a share. It cracked $57 again in 2016. 17 years to go sideways.

Cisco never reached its 2000 peak again. Of course companies like Pets.com just went out of business.