Like any other investment you have to be on your toes. Look at US interest rates for the time period you pointed out and you will see why the price of gold crashed. For a better picture look at the graph from 1968 to 2010.

Compare that with interest rates today and forward comments by the master's of the universe who decide what those interest rates should be.

At some point in time the Fed will have to raise interest rates to save the dollar. Although they risk bringing the economy to a halt in doing so. They've effectively painted themselves into a corner.