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Tuesday, June 28, 2011

Weight in Gold: The Real Prices of Things

Read here: Its Weight in Gold: The Real Prices of Things by Charles Vollum


Brian G. Heyer said...

A simple anecdote explaining the loss in the dollar: 100 years ago, you could go to the bank, hand the teller $20, and get one ounce of gold in return, in the coin of the realm, the lawful tender at the time. Each dollar could be lawfully exchanged, under contract law, at 1/20th per ounce of gold.

But nowadays that dollar is worth less than 1/1600th of an ounce. (An USA- minted- American Gold Eagle costs $1600, retail, plus taxes.)

Scott Kenneth Noble said...

Thanks for that, Brian! I needed a nice, easy way to explain that...