I remember late 1979/early 1980 very well. I was working in an office at the corner of 47th and 6th in Manhattan. I could see the diamond district. As the price of gold ran up $650/oz. (1979 $s) and silver ran up with the Hunt corner to about $50/oz. I could see lines of people out the doors of the jewelers selling old rings and candlesticks.

When gold hit $800 the Federal Reserve could have paid off its liabilities, and liquidated solvent.

We got married in April, 1980. I bought our wedding rings when gold peaked over $800 in January of that year, I call it a bargain, the best I ever had.

There is no comparison between economic conditions then and now. Jimmy Carter had lost control of the country's money supply. Inflation was running over 12%/yr. Interest rates were going up to 20%. Carter was forced to surrender control of monetary policy to Paul Volker. There was the smell of panic. We do not face similar conditions.