1980 -- With inflation raging, gold hits a record price of $850 per ounce. In the jewelry district along 47th Street in Manhattan, people wait excitedly to sell their rings and bracelets for cash. Gold dealers predict that the price will hit $1,000 per ounce by July, and U.S. Secretary of the Treasury G. William Miller has just announced, "At the moment, it does not seem an appropriate time to sell our gold." As Fort Knox remains fully laden with its 220 million ounces, it turns out to be the best time in history to sell gold: On January 22, the gold price falls by $145, and by 1991 it is below $600 per ounce. By 1985, the price of gold has slumped to around $300.