The Gray Lady is much concerned that we do not think that gold has hit a record high under Obama:

Gold is at a record only if you fail to adjust for inflation. And you should almost always adjust for inflation. Otherwise, you end up with meaningless records — Gold reaches record high! Oil reaches record high! Lettuce reaches record high! — that depend on the fact that a dollar in 2010 does not have the same value as a dollar did in, say, 1980.

And what precisely happened in 1980? Oh yes, we had an all-time high in the misery index — a combined inflation and unemployment figure of over 21 points. So it’s probably poor form to bring up 1980 as a “worst” case since our policy choices now bear an uncanny resemblance to those that served up record stagflation. Not to fear, says the Times, because “inflation is just 1.1 percent, compared with 2.7 percent when the year began.”

Except there is this:

Strong demand for raw materials from emerging markets and a flood of money promised by the U.S. Federal Reserve are pushing commodities prices to new highs.

The broad rally has gained steam since the Fed indicated in late August it would inject money into the U.S. economy. But the gains also reflect a powerful rebound from the financial crisis in China and other fast-growing markets. These forces may send prices higher still, potentially putting pressure on poor importing nations. …

Commodity prices largely continued a march toward new multi-year records. Copper climbed 2.2% Tuesday and is just pennies from an all-time high. Gold settled at $1,409.80, a new record, and cotton is at its highest in more than 140 years (though neither is near its inflation-adjusted peak). Corn has risen 22% in less than six weeks.

Some of the rise in commodity prices is attributable to increased demand in developing nations. But the Fed is certainly a significant factor. As bond yields go down, investors scramble to buy up commodities:

Investors had a record $320 billion parked in commodities as of September, says Barclays Capital.

Treasury prices, in part, reflect the shift. The price of the 30-year Treasury bond tumbled almost 2% Tuesday, pushing its yield, which moves in the opposite direction of price, up to 4.25%, the highest since June 3.

The run-up is aided by the U.S. dollar’s sustained fall, which further boosts commodities typically priced in the greenback.

But the New York Times isn’t worried. Because, you see, it’s not actually a record high for gold. Feel better? Didn’t think so.