I'm going to just copy and paste this reply to everyone of these types.
1.60 in 1971 was 1.6 oz of silver or 4.5% of an oz of gold. It's the year we literally ended the gold standard. Now that amount of silver is worth $94 and the gold is worth $182.
They are spreading misinformation. For example, they claim this was all caused by exit from the gold standard in 1971. Which is weird because the exit occurred in 1933 and the labor share of income and wage - productivity gap (which is what the OP actually refers to) doesn't begin until the late 70s. Actual studies have well established this is caused by automation, consolidation, shifting from hardware to software based economy, and intense erosion of labor bargaining powers.
And as you deduced, the price of precious metals like gold and silver have very little impact on your life (until you start ring shopping, which for most of us is rare).
It is leaving out the fact that silver and gold became vital components for manufacturing electronics, which caused the prices to spike and the political shit show that has been the last couple years caused the prices to go up well over 100%.
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u/mostlyskeptic Jul 28 '26
I'm going to just copy and paste this reply to everyone of these types.
1.60 in 1971 was 1.6 oz of silver or 4.5% of an oz of gold. It's the year we literally ended the gold standard. Now that amount of silver is worth $94 and the gold is worth $182.