Date Ibbotson Real Rates 2% Deflator Adjusted for deflator Inversion Leverage

Dec-89
1.375
1.000
1.375
0.727
Jan-90
1.369
1.002
1.367
0.732
1.051
Feb-90
1.370
1.003
1.366
0.732
1.005
Mar-90
1.371
1.005
1.365
0.733
1.007
Apr-90
1.379
1.007
1.370
0.730
0.970
May-90
1.385
1.008
1.374
0.728
0.977
Jun-90
1.386
1.010
1.372
0.729
1.007
Jul-90
1.390
1.012
1.374
0.728
0.990
Aug-90
1.386
1.013
1.368
0.731
1.034
Sep-90
1.383
1.015
1.363
0.734
1.034
Oct-90
1.384
1.017
1.362
0.734
1.006
Nov-90
1.389
1.018
1.364
0.733
0.987
Dec-90
1.397
1.020
1.370
0.730
0.965
Jan-91
1.396
1.022
1.366
0.732
1.020
Feb-91
1.401
1.023
1.369
0.731
0.987
Mar-91
1.405
1.025
1.370
0.730
0.990
Apr-91
1.410
1.027
1.373
0.728
0.983
May-91
1.413
1.028
1.374
0.728
0.999
Jun-91
1.414
1.030
1.373
0.728
1.004
Jul-91
1.419
1.032
1.375
0.727
0.986
Aug-91
1.422
1.034
1.375
0.727
0.999
Sep-91
1.422
1.035
1.373
0.728
1.013
Oct-91
1.426
1.037
1.375
0.727
0.990
Nov-91
1.427
1.039
1.374
0.728
1.005
Dec-91
1.431
1.040
1.376
0.727
0.989
Jan-92
1.434
1.042
1.376
0.727
0.998
Feb-92
1.433
1.044
1.373
0.728
1.019
Mar-92
1.431
1.046
1.368
0.731
1.027
Apr-92
1.433
1.047
1.369
0.731
0.999
May-92
1.435
1.049
1.368
0.731
1.002
Jun-92
1.435
1.051
1.365
0.732
1.016
Jul-92
1.436
1.052
1.364
0.733
1.006
Aug-92
1.436
1.054
1.362
0.734
1.014
Sep-92
1.435
1.056
1.359
0.736
1.015
Oct-92
1.434
1.058
1.355
0.738
1.023
Nov-92
1.435
1.059
1.354
0.738
1.006
Dec-92
1.440
1.061
1.357
0.737
0.986
Jan-93
1.436
1.063
1.351
0.740
1.034
Feb-93
1.434
1.065
1.347
0.742
1.024
Mar-93
1.433
1.066
1.344
0.744
1.021
Apr-93
1.432
1.068
1.341
0.746
1.016
May-93
1.433
1.070
1.340
0.746
1.007
Jun-93
1.435
1.072
1.339
0.747
1.003
Jul-93
1.439
1.074
1.340
0.746
0.995
Aug-93
1.438
1.075
1.337
0.748
1.016
Sep-93
1.439
1.077
1.336
0.749
1.008
Oct-93
1.436
1.079
1.331
0.751
1.029
Nov-93
1.439
1.081
1.331
0.751
0.998
Dec-93
1.442
1.082
1.332
0.751
0.995
Jan-94
1.442
1.084
1.330
0.752
1.015
Feb-94
1.440
1.086
1.326
0.754
1.024

Model
$275.00
$288.91
$290.41
$292.31
$283.67
$277.18
$279.08
$276.31
$285.64
$295.22
$297.02
$293.03
$282.72
$288.37
$284.58
$281.75
$276.86
$276.58
$277.65
$273.80
$273.61
$277.09
$274.38
$275.87
$272.81
$272.21
$277.41
$284.85
$284.47
$285.12
$289.74
$291.59
$295.77
$300.22
$307.20
$309.04
$304.61
$314.87
$322.38
$329.15
$334.54
$336.81
$337.93
$336.09
$341.48
$344.35
$354.32
$353.70
$352.09
$357.51
$365.97

Mar-94
Apr-94
May-94
Jun-94
Jul-94
Aug-94
Sep-94
Oct-94
Nov-94
Dec-94
Jan-95
Feb-95
Mar-95
Apr-95
May-95
Jun-95
Jul-95
Aug-95
Sep-95
Oct-95
Nov-95
Dec-95
Jan-96
Feb-96
Mar-96
Apr-96
May-96
Jun-96
Jul-96
Aug-96
Sep-96
Oct-96
Nov-96
Dec-96
Jan-97
Feb-97
Mar-97
Apr-97
May-97
Jun-97
Jul-97
Aug-97
Sep-97
Oct-97
Nov-97
Dec-97
Jan-98
Feb-98
Mar-98
Apr-98
May-98
Jun-98

1.439
1.441
1.444
1.444
1.444
1.443
1.445
1.449
1.453
1.459
1.460
1.459
1.461
1.463
1.468
1.472
1.479
1.482
1.485
1.487
1.494
1.503
1.500
1.501
1.500
1.501
1.504
1.509
1.513
1.516
1.518
1.520
1.523
1.530
1.532
1.533
1.536
1.541
1.549
1.553
1.558
1.561
1.564
1.567
1.574
1.584
1.587
1.591
1.594
1.598
1.601
1.606

1.088
1.090
1.091
1.093
1.095
1.097
1.099
1.100
1.102
1.104
1.106
1.108
1.110
1.111
1.113
1.115
1.117
1.119
1.121
1.122
1.124
1.126
1.128
1.130
1.132
1.134
1.135
1.137
1.139
1.141
1.143
1.145
1.147
1.149
1.151
1.152
1.154
1.156
1.158
1.160
1.162
1.164
1.166
1.168
1.170
1.172
1.174
1.176
1.177
1.179
1.181
1.183

1.323
1.322
1.323
1.321
1.319
1.316
1.315
1.317
1.318
1.322
1.320
1.318
1.317
1.316
1.319
1.320
1.324
1.324
1.325
1.325
1.329
1.334
1.330
1.329
1.325
1.324
1.325
1.327
1.328
1.329
1.328
1.327
1.328
1.332
1.332
1.331
1.331
1.332
1.338
1.339
1.341
1.341
1.342
1.342
1.346
1.352
1.353
1.353
1.354
1.355
1.356
1.357

0.756
0.756
0.756
0.757
0.758
0.760
0.760
0.759
0.759
0.757
0.758
0.759
0.759
0.760
0.758
0.758
0.755
0.755
0.755
0.755
0.752
0.749
0.752
0.753
0.755
0.755
0.755
0.754
0.753
0.753
0.753
0.753
0.753
0.751
0.751
0.752
0.752
0.751
0.748
0.747
0.746
0.745
0.745
0.745
0.743
0.740
0.739
0.739
0.739
0.738
0.738
0.737

1.020
1.002
0.992
1.016
1.012
1.017
1.005
0.988
0.995
0.978
1.011
1.014
1.003
1.004
0.985
0.992
0.977
0.997
0.994
1.002
0.975
0.969
1.026
1.008
1.023
1.007
0.995
0.986
0.992
0.996
1.003
1.005
0.995
0.977
1.003
1.007
1.000
0.989
0.968
0.994
0.989
0.996
0.998
0.999
0.977
0.965
0.994
0.997
0.996
0.994
0.996
0.991

$373.11
$373.96
$371.14
$376.90
$381.57
$387.91
$389.87
$385.37
$383.33
$374.78
$379.03
$384.19
$385.50
$387.08
$381.35
$378.32
$369.58
$368.61
$366.43
$367.03
$357.77
$346.69
$355.60
$358.32
$366.71
$369.41
$367.43
$362.35
$359.62
$358.24
$359.42
$361.28
$359.46
$351.02
$351.90
$354.47
$354.44
$350.44
$339.39
$337.23
$333.37
$331.95
$331.40
$330.97
$323.30
$312.06
$310.23
$309.31
$308.15
$306.27
$304.94
$302.05

Jul-98
Aug-98
Sep-98
Oct-98
Nov-98
Dec-98
Jan-99
Feb-99
Mar-99
Apr-99
May-99
Jun-99
Jul-99
Aug-99
Sep-99
Oct-99
Nov-99
Dec-99
Jan-00
Feb-00
Mar-00
Apr-00
May-00
Jun-00
Jul-00
Aug-00
Sep-00
Oct-00
Nov-00
Dec-00
Jan-01
Feb-01
Mar-01
Apr-01
May-01
Jun-01
Jul-01
Aug-01
Sep-01
Oct-01
Nov-01
Dec-01
Jan-02
Feb-02
Mar-02
Apr-02
May-02
Jun-02
Jul-02
Aug-02
Sep-02
Oct-02

1.611
1.615
1.621
1.622
1.627
1.634
1.636
1.640
1.642
1.636
1.642
1.648
1.649
1.652
1.650
1.654
1.659
1.666
1.669
1.666
1.660
1.667
1.674
1.671
1.676
1.683
1.683
1.689
1.697
1.706
1.705
1.704
1.708
1.708
1.705
1.707
1.717
1.722
1.720
1.729
1.735
1.745
1.743
1.738
1.731
1.724
1.727
1.728
1.729
1.725
1.725
1.724

1.185
1.187
1.189
1.191
1.193
1.195
1.197
1.199
1.201
1.203
1.205
1.207
1.209
1.211
1.213
1.215
1.217
1.219
1.221
1.223
1.225
1.227
1.229
1.231
1.233
1.235
1.237
1.239
1.241
1.243
1.245
1.247
1.250
1.252
1.254
1.256
1.258
1.260
1.262
1.264
1.266
1.268
1.270
1.272
1.275
1.277
1.279
1.281
1.283
1.285
1.287
1.289

1.359
1.361
1.363
1.362
1.364
1.367
1.367
1.368
1.367
1.360
1.362
1.366
1.364
1.364
1.361
1.361
1.363
1.367
1.367
1.362
1.355
1.359
1.362
1.357
1.359
1.362
1.360
1.363
1.367
1.372
1.369
1.366
1.367
1.364
1.360
1.359
1.365
1.367
1.363
1.368
1.370
1.376
1.372
1.366
1.358
1.351
1.350
1.349
1.347
1.343
1.340
1.337

0.736
0.735
0.734
0.734
0.733
0.731
0.732
0.731
0.731
0.735
0.734
0.732
0.733
0.733
0.735
0.735
0.734
0.732
0.732
0.734
0.738
0.736
0.734
0.737
0.736
0.734
0.735
0.734
0.732
0.729
0.731
0.732
0.732
0.733
0.735
0.736
0.732
0.731
0.734
0.731
0.730
0.727
0.729
0.732
0.736
0.740
0.741
0.741
0.742
0.745
0.746
0.748

0.991
0.989
0.987
1.007
0.988
0.978
1.005
0.995
1.003
1.042
0.986
0.981
1.007
1.002
1.020
0.997
0.990
0.978
0.999
1.026
1.042
0.981
0.978
1.029
0.988
0.983
1.014
0.982
0.977
0.969
1.020
1.015
0.998
1.013
1.024
1.005
0.966
0.989
1.027
0.968
0.985
0.970
1.020
1.035
1.047
1.046
1.002
1.008
1.010
1.028
1.015
1.016

$299.22
$295.79
$291.81
$293.98
$290.59
$284.18
$285.49
$284.04
$284.82
$296.71
$292.67
$287.17
$289.19
$289.84
$295.57
$294.60
$291.51
$285.20
$284.85
$292.29
$304.43
$298.69
$292.02
$300.36
$296.83
$291.68
$295.84
$290.58
$283.89
$275.08
$280.71
$284.88
$284.36
$288.20
$294.99
$296.38
$286.36
$283.14
$290.70
$281.53
$277.45
$269.14
$274.49
$284.21
$297.54
$311.11
$311.63
$314.07
$317.06
$326.07
$331.03
$336.22

Nov-02
Dec-02
Jan-03
Feb-03
Mar-03
Apr-03
May-03
Jun-03
Jul-03
Aug-03
Sep-03
Oct-03
Nov-03
Dec-03
Jan-04
Feb-04
Mar-04
Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
Jan-05
Feb-05
Mar-05
Apr-05
May-05
Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07

1.726
1.732
1.726
1.715
1.706
1.711
1.716
1.715
1.715
1.709
1.705
1.708
1.714
1.718
1.710
1.702
1.693
1.689
1.680
1.676
1.680
1.681
1.680
1.673
1.675
1.683
1.683
1.676
1.666
1.659
1.664
1.667
1.663
1.660
1.645
1.646
1.664
1.676
1.669
1.672
1.669
1.660
1.659
1.663
1.664
1.668
1.683
1.699
1.709
1.713
1.716
1.713

1.291
1.294
1.296
1.298
1.300
1.302
1.304
1.306
1.309
1.311
1.313
1.315
1.317
1.319
1.322
1.324
1.326
1.328
1.330
1.333
1.335
1.337
1.339
1.341
1.344
1.346
1.348
1.350
1.353
1.355
1.357
1.359
1.362
1.364
1.366
1.368
1.371
1.373
1.375
1.377
1.380
1.382
1.384
1.386
1.389
1.391
1.393
1.396
1.398
1.400
1.403
1.405

1.337
1.339
1.332
1.321
1.312
1.314
1.315
1.313
1.310
1.304
1.299
1.299
1.301
1.302
1.294
1.286
1.277
1.271
1.263
1.258
1.259
1.258
1.254
1.247
1.246
1.251
1.248
1.241
1.232
1.224
1.226
1.227
1.222
1.217
1.204
1.203
1.214
1.221
1.214
1.214
1.209
1.202
1.199
1.199
1.198
1.199
1.208
1.218
1.222
1.224
1.223
1.219

0.748
0.747
0.751
0.757
0.762
0.761
0.760
0.762
0.763
0.767
0.770
0.770
0.768
0.768
0.773
0.778
0.783
0.787
0.792
0.795
0.794
0.795
0.797
0.802
0.802
0.799
0.801
0.806
0.812
0.817
0.815
0.815
0.818
0.822
0.831
0.831
0.824
0.819
0.824
0.824
0.827
0.832
0.834
0.834
0.834
0.834
0.828
0.821
0.818
0.817
0.818
0.820

1.004
0.986
1.041
1.068
1.054
0.988
0.993
1.014
1.016
1.038
1.032
0.999
0.986
0.998
1.047
1.052
1.058
1.033
1.055
1.031
0.993
1.008
1.022
1.046
1.005
0.971
1.017
1.046
1.058
1.051
0.986
0.999
1.031
1.030
1.088
1.007
0.924
0.955
1.046
1.002
1.029
1.053
1.018
0.998
1.005
0.996
0.942
0.937
0.968
0.992
1.003
1.025

$337.57
$332.79
$346.48
$370.03
$389.85
$384.99
$382.46
$387.84
$394.17
$409.23
$422.34
$422.02
$415.93
$415.04
$434.43
$456.86
$483.39
$499.30
$526.67
$543.25
$539.69
$543.99
$555.76
$581.19
$584.18
$567.20
$576.73
$603.51
$638.69
$671.19
$661.81
$660.97
$681.49
$702.26
$764.12
$769.59
$711.36
$679.59
$710.93
$712.55
$732.91
$771.71
$785.31
$783.70
$787.36
$783.90
$738.06
$691.74
$669.66
$664.42
$666.32
$682.79

Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09

1.705
1.701
1.698
1.701
1.708
1.719
1.719
1.721
1.717
1.723
1.718
1.715
1.703
1.696
1.685
1.671
1.665
1.674
1.678
1.697
1.731
1.749
1.741
1.733
1.729
1.725
1.720
1.705
1.708
1.705
1.704
1.702
1.701
1.704

1.407
1.410
1.412
1.414
1.417
1.419
1.421
1.424
1.426
1.428
1.431
1.433
1.435
1.438
1.440
1.442
1.445
1.447
1.450
1.452
1.454
1.457
1.459
1.462
1.464
1.466
1.469
1.471
1.474
1.476
1.479
1.481
1.483
1.486

1.211
1.207
1.203
1.203
1.206
1.211
1.210
1.209
1.204
1.206
1.201
1.197
1.187
1.180
1.170
1.158
1.152
1.156
1.158
1.169
1.190
1.200
1.193
1.186
1.181
1.176
1.171
1.159
1.159
1.155
1.152
1.149
1.147
1.147

0.825
0.829
0.832
0.831
0.829
0.826
0.827
0.827
0.830
0.829
0.833
0.835
0.843
0.848
0.855
0.863
0.868
0.865
0.864
0.856
0.840
0.833
0.838
0.843
0.847
0.850
0.854
0.863
0.863
0.866
0.868
0.870
0.872
0.872

1.053
1.030
1.030
0.997
0.980
0.965
1.010
1.004
1.034
0.986
1.036
1.026
1.069
1.048
1.066
1.080
1.043
0.971
0.990
0.925
0.858
0.931
1.048
1.051
1.032
1.032
1.036
1.081
1.000
1.030
1.018
1.021
1.019
0.998

$718.75
$740.04
$761.88
$759.62
$744.17
$718.44
$725.34
$728.05
$752.88
$742.29
$768.83
$788.54
$843.08
$883.35
$941.71
$1,017.25
$1,061.00
$1,030.30
$1,019.95
$943.69
$809.39
$753.31
$789.52
$830.17
$856.46
$884.12
$916.05
$990.20
$989.98
$1,019.73
$1,037.83
$1,059.14
$1,079.46
$1,077.83

Gold
$401.00
$415.05
$407.70
$368.50
$367.75
$363.05
$352.20
$372.30
$387.75
$408.40
$379.50
$384.85
$386.20
$366.00
$362.70
$355.65
$357.75
$360.40
$368.35
$362.85
$347.40
$354.90
$357.45
$366.30
$353.40
$354.10
$353.10
$341.70
$336.35
$337.50
$343.40
$357.85
$340.00
$349.00
$339.25
$334.20
$332.30
$330.45
$327.60
$337.80
$354.30
$377.45
$378.45
$401.75
$371.55
$355.50
$369.60
$370.90
$390.50
$377.90
$381.55

Gold Vs. Model

$1,200

$1,000

Model
$800

Gold

$600

$400

$200

$0

1989

1991

1993

1995

1997

1999

2001

2003

2005

$389.20
$376.45
$387.60
$388.25
$384.00
$385.75
$394.85
$383.85
$383.10
$382.50
$374.90
$376.40
$392.00
$389.75
$384.30
$387.05
$383.35
$382.35
$384.00
$382.65
$387.80
$387.15
$405.55
$400.65
$396.35
$391.30
$390.55
$382.00
$385.30
$386.55
$379.00
$379.50
$371.30
$369.25
$345.50
$358.60
$348.15
$340.15
$345.60
$334.55
$326.35
$325.35
$332.10
$311.40
$296.80
$289.20
$304.85
$297.40
$301.00
$310.70
$293.60
$296.30

$288.85
$273.40
$293.85
$293.10
$294.70
$287.45
$285.40
$287.05
$279.45
$286.60
$268.60
$261.00
$255.60
$254.80
$299.00
$299.10
$291.35
$290.25
$283.30
$293.65
$276.75
$275.05
$272.25
$288.15
$276.75
$277.00
$273.65
$264.50
$269.10
$272.65
$264.50
$266.70
$257.70
$263.15
$267.50
$270.60
$265.90
$273.00
$293.10
$278.75
$275.50
$276.50
$282.30
$296.85
$301.40
$308.20
$326.60
$318.50
$304.65
$312.80
$322.50
$316.90

$319.05
$342.75
$367.50
$347.45
$334.85
$336.75
$361.40
$346.00
$354.75
$375.60
$388.00
$386.25
$398.35
$417.25
$399.75
$395.85
$423.70
$388.50
$393.25
$395.80
$391.40
$407.25
$415.65
$425.55
$453.40
$435.60
$422.15
$435.45
$427.50
$435.70
$414.45
$437.10
$429.00
$433.25
$473.25
$470.75
$495.65
$513.00
$568.75
$556.00
$582.00
$644.00
$653.00
$613.50
$632.50
$623.50
$599.25
$603.75
$646.70
$635.70
$650.50
$664.20

$661.75
$677.00
$659.10
$650.50
$665.50
$672.00
$743.00
$789.50
$783.50
$836.50
$923.25
$971.50
$933.50
$871.00
$885.75
$930.25
$918.00
$833.00
$884.50
$730.75
$814.50
$865.00
$919.50
$952.00
$916.50
$883.23
$975.50
$934.50
$939.00
$955.50
$995.75

2005

2007

2009