this post was submitted on 05 Sep 2024
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Russian wealth fund down to $53.236 billion (interfax.com)
submitted 8 months ago* (last edited 8 months ago) by [email protected] to c/[email protected]
26 comments fedilink hide all child comments
 

To be clear it is not hold in $, but in RMB, gold and rubel. Before the war in held $174billion, so a massive decrease.

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[–] [email protected] 2 points 8 months ago* (last edited 8 months ago) (1 children)

I mean, that depends.

In nominal, dollar terms, yes.

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

But I'm not sure how meaningful that is. Like, is there real-world significance to having a high unit price in dollars?

Gold hit $2,741.03/oz in January 1980.

And it's at $2,503.38/oz in August 2024.

Those numbers are close in nominal terms.

But to equal that 1980 peak, which was in 1980 dollars, in real terms in 2024 dollars, gold would need to be at...

https://www.usinflationcalculator.com/

About $10,463.15/oz in 2024. And it's a pretty long way from that today.

In January 1934, it hit $834.02/oz.

To match that in real terms in 2024, it'd need to be at about $17,258.73/oz.

[–] [email protected] 8 points 8 months ago (1 children)

I don't want to embarrass you, but uncheck the "inflation-adjusted" box in your first graph and recalculate.