This was in a way the golden era for equities. With Alan Greenspan embarking on a massive plan of cutting interest rates, equities as an asset class took off in a big way. There were quite a few critical phases during this period. The 1986 oil prices crash added a lot of economic value to oil importers. The break-up of the Soviet Union and Eastern Europe post-1989 put an end to whatever fears of war were left. After all, with just one superpower, the prospects of a war were remote. Then in 1995 the internet was invented and global business was never the same again. All these 3 factors created huge equity wealth and it did not subside till the technology crash of 2001. During this golden era of equities, gold prices fell gradually from $800 / troy oz to $255 / troy oz. consistent gold price fall actually concluded with the 9/11 attacks in New York after which gold gradually started picking up and moving higher as the era of equities started whittling down.