Date Ibbotson Real R 2% DeflatoAdjusted f Inversion Leverage Model Gold

Dec-89 1.375 1.000 1.375 0.727 $275.00 $401.00

Jan-90 1.369 1.002 1.367 0.732 1.051 $288.91 $415.05
Feb-90 1.370 1.003 1.366 0.732 1.005 $290.41 $407.70
Mar-90 1.371 1.005 1.365 0.733 1.007 $292.31 $368.50 $1,200
Apr-90 1.379 1.007 1.370 0.730 0.970 $283.67 $367.75
May-90 1.385 1.008 1.374 0.728 0.977 $277.18 $363.05
Jun-90 1.386 1.010 1.372 0.729 1.007 $279.08 $352.20
Jul-90 1.390 1.012 1.374 0.728 0.990 $276.31 $372.30 $1,000
Aug-90 1.386 1.013 1.368 0.731 1.034 $285.64 $387.75
Sep-90 1.383 1.015 1.363 0.734 1.034 $295.22 $408.40
Oct-90 1.384 1.017 1.362 0.734 1.006 $297.02 $379.50 $800
Nov-90 1.389 1.018 1.364 0.733 0.987 $293.03 $384.85
Dec-90 1.397 1.020 1.370 0.730 0.965 $282.72 $386.20
Jan-91 1.396 1.022 1.366 0.732 1.020 $288.37 $366.00
Feb-91 1.401 1.023 1.369 0.731 0.987 $284.58 $362.70 $600
Mar-91 1.405 1.025 1.370 0.730 0.990 $281.75 $355.65
Apr-91 1.410 1.027 1.373 0.728 0.983 $276.86 $357.75
May-91 1.413 1.028 1.374 0.728 0.999 $276.58 $360.40 $400
Jun-91 1.414 1.030 1.373 0.728 1.004 $277.65 $368.35
Jul-91 1.419 1.032 1.375 0.727 0.986 $273.80 $362.85
Aug-91 1.422 1.034 1.375 0.727 0.999 $273.61 $347.40
Sep-91 1.422 1.035 1.373 0.728 1.013 $277.09 $354.90 $200
Oct-91 1.426 1.037 1.375 0.727 0.990 $274.38 $357.45
Nov-91 1.427 1.039 1.374 0.728 1.005 $275.87 $366.30
Dec-91 1.431 1.040 1.376 0.727 0.989 $272.81 $353.40 $0
Jan-92 1.434 1.042 1.376 0.727 0.998 $272.21 $354.10 1989 1991 199
Feb-92 1.433 1.044 1.373 0.728 1.019 $277.41 $353.10
Mar-92 1.431 1.046 1.368 0.731 1.027 $284.85 $341.70
Apr-92 1.433 1.047 1.369 0.731 0.999 $284.47 $336.35
May-92 1.435 1.049 1.368 0.731 1.002 $285.12 $337.50
Jun-92 1.435 1.051 1.365 0.732 1.016 $289.74 $343.40
Jul-92 1.436 1.052 1.364 0.733 1.006 $291.59 $357.85
Aug-92 1.436 1.054 1.362 0.734 1.014 $295.77 $340.00
Sep-92 1.435 1.056 1.359 0.736 1.015 $300.22 $349.00
Oct-92 1.434 1.058 1.355 0.738 1.023 $307.20 $339.25
Nov-92 1.435 1.059 1.354 0.738 1.006 $309.04 $334.20
Dec-92 1.440 1.061 1.357 0.737 0.986 $304.61 $332.30
Jan-93 1.436 1.063 1.351 0.740 1.034 $314.87 $330.45
Feb-93 1.434 1.065 1.347 0.742 1.024 $322.38 $327.60
Mar-93 1.433 1.066 1.344 0.744 1.021 $329.15 $337.80
Apr-93 1.432 1.068 1.341 0.746 1.016 $334.54 $354.30
May-93 1.433 1.070 1.340 0.746 1.007 $336.81 $377.45
Jun-93 1.435 1.072 1.339 0.747 1.003 $337.93 $378.45
Jul-93 1.439 1.074 1.340 0.746 0.995 $336.09 $401.75
Aug-93 1.438 1.075 1.337 0.748 1.016 $341.48 $371.55
Sep-93 1.439 1.077 1.336 0.749 1.008 $344.35 $355.50
Oct-93 1.436 1.079 1.331 0.751 1.029 $354.32 $369.60
Nov-93 1.439 1.081 1.331 0.751 0.998 $353.70 $370.90
Dec-93 1.442 1.082 1.332 0.751 0.995 $352.09 $390.50
Jan-94 1.442 1.084 1.330 0.752 1.015 $357.51 $377.90
Feb-94 1.440 1.086 1.326 0.754 1.024 $365.97 $381.55
Mar-94 1.439 1.088 1.323 0.756 1.020 $373.11 $389.20
Apr-94 1.441 1.090 1.322 0.756 1.002 $373.96 $376.45
May-94 1.444 1.091 1.323 0.756 0.992 $371.14 $387.60
Jun-94 1.444 1.093 1.321 0.757 1.016 $376.90 $388.25
Jul-94 1.444 1.095 1.319 0.758 1.012 $381.57 $384.00
Aug-94 1.443 1.097 1.316 0.760 1.017 $387.91 $385.75
Sep-94 1.445 1.099 1.315 0.760 1.005 $389.87 $394.85
Oct-94 1.449 1.100 1.317 0.759 0.988 $385.37 $383.85
Nov-94 1.453 1.102 1.318 0.759 0.995 $383.33 $383.10
Dec-94 1.459 1.104 1.322 0.757 0.978 $374.78 $382.50
Jan-95 1.460 1.106 1.320 0.758 1.011 $379.03 $374.90
Feb-95 1.459 1.108 1.318 0.759 1.014 $384.19 $376.40
Mar-95 1.461 1.110 1.317 0.759 1.003 $385.50 $392.00
Apr-95 1.463 1.111 1.316 0.760 1.004 $387.08 $389.75
May-95 1.468 1.113 1.319 0.758 0.985 $381.35 $384.30
Jun-95 1.472 1.115 1.320 0.758 0.992 $378.32 $387.05
Jul-95 1.479 1.117 1.324 0.755 0.977 $369.58 $383.35
Aug-95 1.482 1.119 1.324 0.755 0.997 $368.61 $382.35
Sep-95 1.485 1.121 1.325 0.755 0.994 $366.43 $384.00
Oct-95 1.487 1.122 1.325 0.755 1.002 $367.03 $382.65
Nov-95 1.494 1.124 1.329 0.752 0.975 $357.77 $387.80
Dec-95 1.503 1.126 1.334 0.749 0.969 $346.69 $387.15
Jan-96 1.500 1.128 1.330 0.752 1.026 $355.60 $405.55
Feb-96 1.501 1.130 1.329 0.753 1.008 $358.32 $400.65
Mar-96 1.500 1.132 1.325 0.755 1.023 $366.71 $396.35
Apr-96 1.501 1.134 1.324 0.755 1.007 $369.41 $391.30
May-96 1.504 1.135 1.325 0.755 0.995 $367.43 $390.55
Jun-96 1.509 1.137 1.327 0.754 0.986 $362.35 $382.00
Jul-96 1.513 1.139 1.328 0.753 0.992 $359.62 $385.30
Aug-96 1.516 1.141 1.329 0.753 0.996 $358.24 $386.55
Sep-96 1.518 1.143 1.328 0.753 1.003 $359.42 $379.00
Oct-96 1.520 1.145 1.327 0.753 1.005 $361.28 $379.50
Nov-96 1.523 1.147 1.328 0.753 0.995 $359.46 $371.30
Dec-96 1.530 1.149 1.332 0.751 0.977 $351.02 $369.25
Jan-97 1.532 1.151 1.332 0.751 1.003 $351.90 $345.50
Feb-97 1.533 1.152 1.331 0.752 1.007 $354.47 $358.60
Mar-97 1.536 1.154 1.331 0.752 1.000 $354.44 $348.15
Apr-97 1.541 1.156 1.332 0.751 0.989 $350.44 $340.15
May-97 1.549 1.158 1.338 0.748 0.968 $339.39 $345.60
Jun-97 1.553 1.160 1.339 0.747 0.994 $337.23 $334.55
Jul-97 1.558 1.162 1.341 0.746 0.989 $333.37 $326.35
Aug-97 1.561 1.164 1.341 0.745 0.996 $331.95 $325.35
Sep-97 1.564 1.166 1.342 0.745 0.998 $331.40 $332.10
Oct-97 1.567 1.168 1.342 0.745 0.999 $330.97 $311.40
Nov-97 1.574 1.170 1.346 0.743 0.977 $323.30 $296.80
Dec-97 1.584 1.172 1.352 0.740 0.965 $312.06 $289.20
Jan-98 1.587 1.174 1.353 0.739 0.994 $310.23 $304.85
Feb-98 1.591 1.176 1.353 0.739 0.997 $309.31 $297.40
Mar-98 1.594 1.177 1.354 0.739 0.996 $308.15 $301.00
Apr-98 1.598 1.179 1.355 0.738 0.994 $306.27 $310.70
May-98 1.601 1.181 1.356 0.738 0.996 $304.94 $293.60
Jun-98 1.606 1.183 1.357 0.737 0.991 $302.05 $296.30
Jul-98 1.611 1.185 1.359 0.736 0.991 $299.22 $288.85
Aug-98 1.615 1.187 1.361 0.735 0.989 $295.79 $273.40
Sep-98 1.621 1.189 1.363 0.734 0.987 $291.81 $293.85
Oct-98 1.622 1.191 1.362 0.734 1.007 $293.98 $293.10
Nov-98 1.627 1.193 1.364 0.733 0.988 $290.59 $294.70
Dec-98 1.634 1.195 1.367 0.731 0.978 $284.18 $287.45
Jan-99 1.636 1.197 1.367 0.732 1.005 $285.49 $285.40
Feb-99 1.640 1.199 1.368 0.731 0.995 $284.04 $287.05
Mar-99 1.642 1.201 1.367 0.731 1.003 $284.82 $279.45
Apr-99 1.636 1.203 1.360 0.735 1.042 $296.71 $286.60
May-99 1.642 1.205 1.362 0.734 0.986 $292.67 $268.60
Jun-99 1.648 1.207 1.366 0.732 0.981 $287.17 $261.00
Jul-99 1.649 1.209 1.364 0.733 1.007 $289.19 $255.60
Aug-99 1.652 1.211 1.364 0.733 1.002 $289.84 $254.80
Sep-99 1.650 1.213 1.361 0.735 1.020 $295.57 $299.00
Oct-99 1.654 1.215 1.361 0.735 0.997 $294.60 $299.10
Nov-99 1.659 1.217 1.363 0.734 0.990 $291.51 $291.35
Dec-99 1.666 1.219 1.367 0.732 0.978 $285.20 $290.25
Jan-00 1.669 1.221 1.367 0.732 0.999 $284.85 $283.30
Feb-00 1.666 1.223 1.362 0.734 1.026 $292.29 $293.65
Mar-00 1.660 1.225 1.355 0.738 1.042 $304.43 $276.75
Apr-00 1.667 1.227 1.359 0.736 0.981 $298.69 $275.05
May-00 1.674 1.229 1.362 0.734 0.978 $292.02 $272.25
Jun-00 1.671 1.231 1.357 0.737 1.029 $300.36 $288.15
Jul-00 1.676 1.233 1.359 0.736 0.988 $296.83 $276.75
Aug-00 1.683 1.235 1.362 0.734 0.983 $291.68 $277.00
Sep-00 1.683 1.237 1.360 0.735 1.014 $295.84 $273.65
Oct-00 1.689 1.239 1.363 0.734 0.982 $290.58 $264.50
Nov-00 1.697 1.241 1.367 0.732 0.977 $283.89 $269.10
Dec-00 1.706 1.243 1.372 0.729 0.969 $275.08 $272.65
Jan-01 1.705 1.245 1.369 0.731 1.020 $280.71 $264.50
Feb-01 1.704 1.247 1.366 0.732 1.015 $284.88 $266.70
Mar-01 1.708 1.250 1.367 0.732 0.998 $284.36 $257.70
Apr-01 1.708 1.252 1.364 0.733 1.013 $288.20 $263.15
May-01 1.705 1.254 1.360 0.735 1.024 $294.99 $267.50
Jun-01 1.707 1.256 1.359 0.736 1.005 $296.38 $270.60
Jul-01 1.717 1.258 1.365 0.732 0.966 $286.36 $265.90
Aug-01 1.722 1.260 1.367 0.731 0.989 $283.14 $273.00
Sep-01 1.720 1.262 1.363 0.734 1.027 $290.70 $293.10
Oct-01 1.729 1.264 1.368 0.731 0.968 $281.53 $278.75
Nov-01 1.735 1.266 1.370 0.730 0.985 $277.45 $275.50
Dec-01 1.745 1.268 1.376 0.727 0.970 $269.14 $276.50
Jan-02 1.743 1.270 1.372 0.729 1.020 $274.49 $282.30
Feb-02 1.738 1.272 1.366 0.732 1.035 $284.21 $296.85
Mar-02 1.731 1.275 1.358 0.736 1.047 $297.54 $301.40
Apr-02 1.724 1.277 1.351 0.740 1.046 $311.11 $308.20
May-02 1.727 1.279 1.350 0.741 1.002 $311.63 $326.60
Jun-02 1.728 1.281 1.349 0.741 1.008 $314.07 $318.50
Jul-02 1.729 1.283 1.347 0.742 1.010 $317.06 $304.65
Aug-02 1.725 1.285 1.343 0.745 1.028 $326.07 $312.80
Sep-02 1.725 1.287 1.340 0.746 1.015 $331.03 $322.50
Oct-02 1.724 1.289 1.337 0.748 1.016 $336.22 $316.90
Nov-02 1.726 1.291 1.337 0.748 1.004 $337.57 $319.05
Dec-02 1.732 1.294 1.339 0.747 0.986 $332.79 $342.75
Jan-03 1.726 1.296 1.332 0.751 1.041 $346.48 $367.50
Feb-03 1.715 1.298 1.321 0.757 1.068 $370.03 $347.45
Mar-03 1.706 1.300 1.312 0.762 1.054 $389.85 $334.85
Apr-03 1.711 1.302 1.314 0.761 0.988 $384.99 $336.75
May-03 1.716 1.304 1.315 0.760 0.993 $382.46 $361.40
Jun-03 1.715 1.306 1.313 0.762 1.014 $387.84 $346.00
Jul-03 1.715 1.309 1.310 0.763 1.016 $394.17 $354.75
Aug-03 1.709 1.311 1.304 0.767 1.038 $409.23 $375.60
Sep-03 1.705 1.313 1.299 0.770 1.032 $422.34 $388.00
Oct-03 1.708 1.315 1.299 0.770 0.999 $422.02 $386.25
Nov-03 1.714 1.317 1.301 0.768 0.986 $415.93 $398.35
Dec-03 1.718 1.319 1.302 0.768 0.998 $415.04 $417.25
Jan-04 1.710 1.322 1.294 0.773 1.047 $434.43 $399.75
Feb-04 1.702 1.324 1.286 0.778 1.052 $456.86 $395.85
Mar-04 1.693 1.326 1.277 0.783 1.058 $483.39 $423.70
Apr-04 1.689 1.328 1.271 0.787 1.033 $499.30 $388.50
May-04 1.680 1.330 1.263 0.792 1.055 $526.67 $393.25
Jun-04 1.676 1.333 1.258 0.795 1.031 $543.25 $395.80
Jul-04 1.680 1.335 1.259 0.794 0.993 $539.69 $391.40
Aug-04 1.681 1.337 1.258 0.795 1.008 $543.99 $407.25
Sep-04 1.680 1.339 1.254 0.797 1.022 $555.76 $415.65
Oct-04 1.673 1.341 1.247 0.802 1.046 $581.19 $425.55
Nov-04 1.675 1.344 1.246 0.802 1.005 $584.18 $453.40
Dec-04 1.683 1.346 1.251 0.799 0.971 $567.20 $435.60
Jan-05 1.683 1.348 1.248 0.801 1.017 $576.73 $422.15
Feb-05 1.676 1.350 1.241 0.806 1.046 $603.51 $435.45
Mar-05 1.666 1.353 1.232 0.812 1.058 $638.69 $427.50
Apr-05 1.659 1.355 1.224 0.817 1.051 $671.19 $435.70
May-05 1.664 1.357 1.226 0.815 0.986 $661.81 $414.45
Jun-05 1.667 1.359 1.227 0.815 0.999 $660.97 $437.10
Jul-05 1.663 1.362 1.222 0.818 1.031 $681.49 $429.00
Aug-05 1.660 1.364 1.217 0.822 1.030 $702.26 $433.25
Sep-05 1.645 1.366 1.204 0.831 1.088 $764.12 $473.25
Oct-05 1.646 1.368 1.203 0.831 1.007 $769.59 $470.75
Nov-05 1.664 1.371 1.214 0.824 0.924 $711.36 $495.65
Dec-05 1.676 1.373 1.221 0.819 0.955 $679.59 $513.00
Jan-06 1.669 1.375 1.214 0.824 1.046 $710.93 $568.75
Feb-06 1.672 1.377 1.214 0.824 1.002 $712.55 $556.00
Mar-06 1.669 1.380 1.209 0.827 1.029 $732.91 $582.00
Apr-06 1.660 1.382 1.202 0.832 1.053 $771.71 $644.00
May-06 1.659 1.384 1.199 0.834 1.018 $785.31 $653.00
Jun-06 1.663 1.386 1.199 0.834 0.998 $783.70 $613.50
Jul-06 1.664 1.389 1.198 0.834 1.005 $787.36 $632.50
Aug-06 1.668 1.391 1.199 0.834 0.996 $783.90 $623.50
Sep-06 1.683 1.393 1.208 0.828 0.942 $738.06 $599.25
Oct-06 1.699 1.396 1.218 0.821 0.937 $691.74 $603.75
Nov-06 1.709 1.398 1.222 0.818 0.968 $669.66 $646.70
Dec-06 1.713 1.400 1.224 0.817 0.992 $664.42 $635.70
Jan-07 1.716 1.403 1.223 0.818 1.003 $666.32 $650.50
Feb-07 1.713 1.405 1.219 0.820 1.025 $682.79 $664.20
Mar-07 1.705 1.407 1.211 0.825 1.053 $718.75 $661.75
Apr-07 1.701 1.410 1.207 0.829 1.030 $740.04 $677.00
May-07 1.698 1.412 1.203 0.832 1.030 $761.88 $659.10
Jun-07 1.701 1.414 1.203 0.831 0.997 $759.62 $650.50
Jul-07 1.708 1.417 1.206 0.829 0.980 $744.17 $665.50
Aug-07 1.719 1.419 1.211 0.826 0.965 $718.44 $672.00
Sep-07 1.719 1.421 1.210 0.827 1.010 $725.34 $743.00
Oct-07 1.721 1.424 1.209 0.827 1.004 $728.05 $789.50
Nov-07 1.717 1.426 1.204 0.830 1.034 $752.88 $783.50
Dec-07 1.723 1.428 1.206 0.829 0.986 $742.29 $836.50
Jan-08 1.718 1.431 1.201 0.833 1.036 $768.83 $923.25
Feb-08 1.715 1.433 1.197 0.835 1.026 $788.54 $971.50
Mar-08 1.703 1.435 1.187 0.843 1.069 $843.08 $933.50
Apr-08 1.696 1.438 1.180 0.848 1.048 $883.35 $871.00
May-08 1.685 1.440 1.170 0.855 1.066 $941.71 $885.75
Jun-08 1.671 1.442 1.158 0.863 1.080 $1,017.25 $930.25
Jul-08 1.665 1.445 1.152 0.868 1.043 $1,061.00 $918.00
Aug-08 1.674 1.447 1.156 0.865 0.971 $1,030.30 $833.00
Sep-08 1.678 1.450 1.158 0.864 0.990 $1,019.95 $884.50
Oct-08 1.697 1.452 1.169 0.856 0.925 $943.69 $730.75
Nov-08 1.731 1.454 1.190 0.840 0.858 $809.39 $814.50
Dec-08 1.749 1.457 1.200 0.833 0.931 $753.31 $865.00
Jan-09 1.741 1.459 1.193 0.838 1.048 $789.52 $919.50
Feb-09 1.733 1.462 1.186 0.843 1.051 $830.17 $952.00
Mar-09 1.729 1.464 1.181 0.847 1.032 $856.46 $916.50
Apr-09 1.725 1.466 1.176 0.850 1.032 $884.12 $883.23
May-09 1.720 1.469 1.171 0.854 1.036 $916.05 $975.50
Jun-09 1.705 1.471 1.159 0.863 1.081 $990.20 $934.50
Jul-09 1.708 1.474 1.159 0.863 1.000 $989.98 $939.00
Aug-09 1.705 1.476 1.155 0.866 1.030 $1,019.73 $955.50
Sep-09 1.704 1.479 1.152 0.868 1.018 $1,037.83 $995.75
Oct-09 1.702 1.481 1.149 0.870 1.021 $1,059.14
Nov-09 1.701 1.483 1.147 0.872 1.019 $1,079.46
Dec-09 1.704 1.486 1.147 0.872 0.998 $1,077.83
 Gold Vs. Model
$1,200

$1,000

Inversion
$800 Model
Gold

$600

$400

$200

$0
1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009