From this vantage the "boom" was a bust

Gold isn't the perfect measure of value because its value is driven by changes in supply from vaults, mining and consumer preferences for gold jewelry.  For example I believe the value of the S&P soared when the Russians were liquidating gold reserves after the fall of the Soviet Union - a major bulge in supply drove down spot prices, hence the soaring relative value of the stock market.  But it does help ground us in (non-dollar) reality.  Our magic money machine is such a mixed blessing, isn't it?