Purchasing Power of Gold
In 1931 America, one ounce of gold cost $35 and could approximately purchase one custom-tailored man’s suit.
Going back further to the Roman Empire 1500-2000 years ago, an ounce of gold could approximately purchase one set of nice clothing – the equivalent of a very nice man’s suit.
Today, one ounce of gold cost $1,750 and can still approximately buy you one tailored Brooks Brothers suit.
This is a great illustration of how silly gold bugs are. In 2000+ years, the value of gold has remained completely stable in its purchasing power despite not currently being recognized as money by any governments.
In the mean time, at least 775 fiat currencies have failed (every currency in existence today is a fiat currency, including the US dollar). The average life span of a fiat currency is only 27 years.
A lot of gold-loving kooks are going to be left holding a lot of worthless, shiny metal once the value of all that gold finally (inevitably) collapses.
We are 2000 years overdue.