“Can you eat gold? No. You can eat and barter Spam”
Nouriel Roubini, economist, Dec 14 2011
I do note that bread may actually have been a better investment than Gold as well. In 1980 the average cost of a generic loaf in Victoria was $0.54 – today this price can be as high as $4.50. Gold on the other hand is about $200 higher than its 1980 peak.
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“Gold on the other hand is about $200 higher than its 1980 peak”
Hmmmm…
Gold in 1980 was around $840.
Today is around $1600. It’s $800 higher – NOT $200.
‘..Gold on the other hand is about $200 higher than its 1980 peak..’ ??
typo ?
You can’t eat currency either, but you can swap it for (every diminishing) amounts of spam. Aaah, the throw away lines of Nouriel the rock-n-roll economist 😉
Nope – no typo I used Comex gold which is back adjusted so you can see long term trends within markets.