If he would have bought in 1972 instead of 1979 he would be rich. What's your point, buy high - sell low?
1972 High 70.00 Low 44.00
1973 126.00 64.00
1974 195.00 117.00
1975 185.00 135.00
1976 142.00 102.00
1977 168.00 177.00
1978 243.65 165.70
1979 524.00 216.55
1980 850.00 474.00
1981 599.25 391.25
1982 488.50 296.75
1983 511.50 374.25
1984 406.85 303.25
1985 340.90 284.25
2000 325.50 264.10
2001 291.45 256.65
2002 342.75 277.75
2003 417.25 319.90
2004 454.20 375.00
2005 524.10 ???.??
If you take an average of the high and low for each of the years and adjust them for inflation adjust those figures for inflation you will see just how bad an investment gold really is relative to equities.