For some time now I have been wondering if we were entering a historical period similar to the 1970s and the recent outbreak of war in the **Middle East** has really made me take a closer look at the events of that decade.  Some of the similarities between now and then are quite striking!  The [Yom Kipper War](https://en.wikipedia.org/wiki/Yom_Kippur_War) that was fought between Israel and a coalition of Arab States started 50 years and 1 day before the recent Hamas surprise attack that has kicked off this latest conflict.  The Yom Kipper War was similarly started by a surprise attack on Israel and even though it was 50 years ago, a lot of the players are the same and the way it is playing out looks eerily similar.

<center>![](https://images.ecency.com/DQmenDTGqUC26A6fyhNwSyzn4r1w3hJPTHbjrQvnryBKSN9/goldclock.png)
[*Image Generated by AI*](https://arty.ausbit.dev)</center>

There was a lot that happened in the 1970s.  I have previously noted it as a time when we had significant **Stagflation** in our economies and that is pretty much the situation we are facing today.  Back then US President Nixon had taken the worlds reserve currency off the **Gold Standard** which was significant historically for me as a stacker, but I am starting to realise that some of the other events of 1970 probably masked this major event as being a cause of the inflation that followed…

After the 1973 Yom Kippur war there was an [Oil Crisis](https://en.wikipedia.org/wiki/1973_oil_crisis) as embargos were placed by oil producing countries in the Middle East against the Western nations that supported Israel and the Oil Price skyrocketed.  This is VERY possible, maybe even likely to be what will happen again here in 2023.  Check out the chart below – Oil went from about $25 a barrel in mid 1973 to finish the decade at about $130.  That was an increase of about 420% in just over 6 years.

<center>![](https://images.ecency.com/DQmSHbxkZr5WJ5m3aiJ8WNeyj4cdhY4CgYTE27UXqt8CWna/oilprice1970s.png)
[Source](https://www.macrotrends.net/1369/crude-oil-price-history-chart)</center>

Of course that massive increase in energy cost fed into the economies of the West and **Inflation** took off alongside the Oil Price (and Currency Debasement).  High Inflation is also what we’re seeing today and we’ve already had a glimpse of how authorities will spin war as being the reason for inflation spikes in the last year or so as they’ve been blaming the Russia vs Ukraine conflict for that to date.  Pause for a moment – Do you think authorities will miss the opportunity to blame a new Middle East conflict for a spiking Oil Price and Inflation as an excuse for their own failings?  **NO CHANCE**.  The people in power actually want to see oil and inflation go up and war in the Middle East gives them a perfect cover story for it to happen while they can remain blameless to the masses.

<center>![](https://images.ecency.com/DQmUtk9Nw6Rjg8CoQjLu7hWPFPWNBpzKDitfMfD43GQ5MAh/inflation1970s.jpg)
[Source](https://blogs-images.forbes.com/simonmoore/files/2014/08/inflation-1970s-1940x1288.jpg)</center>

Which brings me to my main point.  When all this fuckery was going on in the 1970s, what was Gold doing?  Well, check out the chart below – It went BALLISTIC.  It started the decade at about $37 an ounce and ended the decade at around $677 an ounce.  That’s an increase of 1729%.

<center>![](https://images.ecency.com/DQmUX1QbM6LSec1dFL4hqepU3BMRtvC2NALoj2aEi8ECEHF/goldprice1970s.png)
[Source](https://www.macrotrends.net/1333/historical-gold-prices-100-year-chart)</center>

So the question you should be asking yourself is not *“Can I afford to be Stacking Precious Metals?”* it really should be *“Can I afford NOT to be Stacking Precious Metals?”*.  History often Rhymes and having a closer look at the current state of world affairs, our duplicitous leaders with their insidious agendas and the economic problems we are facing…to me it looks like the 1970s playbook is very likely to get another run here in the 2020s and we could learn a lot about what to expect by studying this little period of modern history.

<center>**DISCLAIMER – This is not financial advice.**</center>