The Financial Post reports in its Tuesday, Feb. 24, edition that a popular argument among gold bugs is that the metal continues to thrive as a haven from "dollar debasement." A Financial Times dispatch to the Post reports that if that is so, why have other alternatives to the dollar such as bitcoin been tanking, and why have other dollar assets like U.S. stocks and bonds been holding up? Gold broke free of fundamentals in the later stages of its 1970s boom. By the end of that decade, gold was selling for $500 per ounce, or about 2.5 times its implied value based on real interest rates. Today the price of gold is five times this implied or "fair" value, at nearly $5,000 per ounce. Nonetheless, it is difficult to see what might break this momentum. Liquidity remains plentiful worldwide, so a lot of people are looking for more places to put money. Even after the recent buying sprees, investors hold relatively little gold in their portfolios. The 1970s super cycle ended only when the United States Federal Reserve began to aggressively raise rates to fight inflation, and there is little chance of that happening now. Gold bugs say the metal has plenty of room to rise, and they may be right.