Remember the phrase “bite me.” That was one of the most cool vernacular zingers back in 1980 (also the year I graduated from high school). You know what else was super popular in 1980? The video game Pac Man, which was instantly and insanely popular with people of all ages. Impressive were those who could get to level five or six before being consumed by the villains.
As crazy popular as Pac Man was, it took 19 years for it to be mastered and all 255 levels completed by a 33-year-old male (go figure) in a game that took six hours of continuous play.
Simultaneously, precious metals were mania-style popular as well. Gold touched an all-time high price last year, hitting $1,889 per ounce on Aug. 11, 2011. But compared to its lofty price in 1980 of $850, that’s cheap. Factoring in for “inflation adjusted” prices in 1980, gold’s’ relative price in 1980 would be equivalent in today’s dollars of $2,472. So while gold may be gaining more popularity in these nerve-racking economic times, it still hasn’t kept up with the basic level of inflation. Think about the cost of the “basics” in 1980: gallon of milk = $1.60; postage stamp = 15 cents; gallon of gasoline = $1.30; a movie ticket = $3; and a Disneyland Park pass = $7.50.