Gold & Dow Inflation Adjusted

QUESTION: Mr. Armstrong, you have said that gold adjusted for inflation has not exceeded the 1980 high. Have we exceeded the 1929 high in the stock market?

Just curious

Dow Jones Industrial in LOG Scale

ANSWER: The 1929 high on the Dow Jones Industrials was 386. That adjusted for inflation in 2015 dollars would be $5,300.43 assuming each point in $1. So yes, we have obviously well exceeded that level and it equates to support in the 15,000 area today which is about a 300% multiple. That equivalent in gold would be major resistance which would be in the $6,000 level.