About those gold prices everybody’s been talking about the past couple of days — just in the interests of economic accuracy. $1,400 an ounce at the close today is steep, no doubt about it.

Not a record, though.

Once you figure inflation into the equation, gold’s still about 40 percent below its 1980 high. That’s the real record. $2,318 an ounce, in today’s dollars.

Check out what analyst Juli Niemann had to say about why everyone is buying gold. And more about the gold rush…