I suggest that you do some Googling on the phrase "DOW in gold dollars" ... it will help to break the spell.
—Actually I don’t believe metals ever rise or fall. It’s currencies that rise and fall.—
That is exactly how I see it.
I have a stack of 10 morgan silver dollars I like to use as a prop. I tell people that in 1922 they were worth $10. In 1955 they were worth $10. In 1972 they were worth $10.
Today they are worth $240.
They will buy the same thing they would have at all those other times. In 1972 I could buy three or four gallons of gas with one. Now I can buy six. But the dollar has really collapsed against them. I can buy 24 of them.