Viewing a single comment thread. View all comments

XSauravX OP t1_j1gny5m wrote

Reply to comment by MercSLSAMG in Eli5 Why did Canada get rid of it's all gold? by XSauravX

Yes and an ounce of gold has kept on rising Against the dollar it was around $21 or $34 in 1971 and it's over $1000 now

0

MercSLSAMG t1_j1gqc65 wrote

https://www.macrotrends.net/1333/historical-gold-prices-100-year-chart

More like ~$300 USD/ounce. So you take into the inflation of the USD which is 1 dollar in 1970 is roughly 7.50 today - that makes gold not have any increase whatsoever vs. the USD. In fact it's almost identical to a 4% cash bond.

So investing in gold is like investing in cash bonds - which is to say it's a shitty investment to make money, but has near guaranteed value.

2