No. We're years away from this. We need years of sustained momentum that builds confidence. The PPT shakes confidence with the orchestrated pushes down, and this is delaying but also intensifying the bull market. After we take out $2-3K gold, I think a 1979 repeat is in play but may play out very, very differently. Why?

1. There is no Soviet Union. The World Centers of Power are transitioning from Unipolar to Multipolar.
2. We are in a period of crisis, not unraveling. This is the Fourth Turning.
3. The United States today is far more corrupt than 1979, at all levels of society.
4. In 1979, politicians and people generally acted as if the money were backed by something, even if it was not. Today there is virtually no understanding of gold.
5. The United States was still a manufacturing powerhouse, and net creditor. Today, the credit card is maxed out, and creditors are looking nervously for the exits.
6. The rest of the world is developing at a rapid pace, and the moves in commodities I expect to see are going to eventually break the dollar regardless of interventions by the PPT, CFTC, etc.
7. Interest rates will rise, people will panic out of government debt, debt of all kinds. That "money" has to go somewhere. That somewhere will be gold, and when gold looks expensive, people will discover silver, poor man's gold.

I could probably list others, but those are the ones that come to mind. The mining stocks are a long, long way from "acting right" to match 1979.