... led at the 19 86 bottom, while the Foodstuffs led at the 19 88 peak. THE JOC INDEX AND RAW INDUSTRIALS 10 1FIGURE 7 .1 A COMPARISON OF THE CRB FUTURES INDEX AND THE CRB SPOT INDEX FROM 19 87 TO 19 89. ... stocks outperform gold by a wide margin (19 80 to 19 85 and 19 88 through the first half of 19 89). During periods of rising inflation (the 19 70s and the period from 19 86 through the end of 19 87), gold ... back to the beginning of the decade, the dollar bottomed in 19 80, two years before the 19 82bottom in stocks. In 19 88 and 19 89 the dollar and stocks rose pretty much in tan-dem. The peak in the...