(MONEY Magazine) – Once a trusted hedge against inflation and political instability, gold is near the bottom of a 20-year decline in fortune. But high energy prices once again have gold bugs polishing the precious metal's reputation. "We're in the very beginnings of a long-term bull market in gold," says Leonard Kaplan of Prospector Asset Management. Maybe--but as the graph shows, most recent gold rushes have been short-lived.

--ARAVIND ADIGA

Jan. 21, 1980 High fuel prices and double-digit inflation drive gold to an all-time high of $850 an ounce. (The next day it falls $145.)

December 1987 Gold climbs after the stock market crash on Oct. 19.

1990 Gold spikes on higher oil prices and Gulf War fears.

May 1999 The final death knell, say some: Britain's central bank joins Switzerland in selling down its gold reserves.