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Gold for house (lemmy.ca)

submitted 10 months ago by [email protected] to c/[email protected]

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wood for sheep?

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[–] [email protected] 14 points 10 months ago* (last edited 10 months ago) (1 children)

In 1920, the average price of gold per troy ounce was $20.68USD[26.2 kB pdf]; 1 Kilogram = 32.15075 Troy ounces. Average house price in the 1920's was $6,296.

$20.68 USD * 32.15075 oz t = $664.87751 USD * 10 = $6648.7751 USD

In 2023, the average price of gold per oz t was $1,940.54 and the average home price was $495,100.

$1,940.54 USD * 32.15075 oz t = $62,389.81641 USD * 10 = $623,898.1641 USD

This meme is credible, excepting errors in my assumption that 1 kilogram of gold is equivalent to 1 kilogram of common material.

[–] [email protected] 7 points 10 months ago

At the same time, it picks and chooses its dates. Gold has been volatile, with the price oscillating between $2,100 USD in 1980, $470 USD in 2001, and back up to $2,200 USD in 2011.