How Much Should Gold Cost?

The price of gold went haywire last week -- and sent Wall Street into a lather. Around about that time, Goldman Sachs  (NYSE: GS  ) predicted the shiny metal would soon fall below $1,400 (sooner than they thought, as it turned out), though a Wall Street Journal columnist suggested there was method to gold's madness: that an ounce of gold should cost enough to buy 15 barrels of oil -- now, tomorrow, and always.

Problem is, the Journal was wrong about that. Fool contributor Rich Smith explains.

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