Active Topics | Member List | Search | Help | Register | Login
The John Byrne Forum
Byrne Robotics > The John Byrne Forum Page of 2 Next >>
Topic: Gold! Post ReplyPost New Topic
Author
Message
John Byrne
Avatar
Grumpy Old Guy

Joined: 11 May 2005
Posts: 131996
Posted: 04 December 2023 at 1:01pm | IP Logged | 1 post reply

When I was in art college, the rancher boyfriend of one of my gal pals bought her two ounces of gold for use in the jewelry class she was taking. The rest of us were mighty impressed. This was circa 1972 and gold was a whopping $35 an ounce. *

As of today, the price of gold has topped $2100 per ounce.

There’s inflation in a nutshell!

————

* Context: two years later my first apartment, a one bedroom in a hi-rise, was $125 per month.

Back to Top profile | search
 
Michael Penn
Byrne Robotics Member
Avatar

Joined: 12 April 2006
Location: United States
Posts: 12378
Posted: 04 December 2023 at 3:01pm | IP Logged | 2 post reply

Average wages were about $4/hr in 1972. Nine hours of work to buy a single ounce of gold back then. Today the average hourly wage is about $30. Seventy hours for an ounce of gold.
Back to Top profile | search
 
John Byrne
Avatar
Grumpy Old Guy

Joined: 11 May 2005
Posts: 131996
Posted: 04 December 2023 at 3:09pm | IP Logged | 3 post reply

I was reading the other day about the possibility of asteroid mining. The article noted there is one trillion (1,000,000,000,000) times more gold out there in those flying mountains than there is on Earth.

Curiously, there was no comment on the impact on gold values accessing all that gold might have.

Back to Top profile | search
 
Bill Dowling
Byrne Robotics Member
Avatar

Joined: 07 July 2004
Location: United States
Posts: 2175
Posted: 04 December 2023 at 5:04pm | IP Logged | 4 post reply

Accessing that much gold would make it cheap enough that we could use gold instead of copper for wiring. 
Back to Top profile | search e-mail
 
Vinny Valenti
Byrne Robotics Member
Avatar

Joined: 17 April 2004
Location: United States
Posts: 7992
Posted: 04 December 2023 at 5:07pm | IP Logged | 5 post reply

I remember the SECRET WARS II issues of Spider-Man titles (with joint covers by ....some guy.... that took me years to realize that they were meant to go together!) Where the Beyonder turned an office building into solid gold. Defalco did handle that aspect fairly well - the implication of having that much gold suddenly in existence would completely wipe out the economy all over the world. Something new for 12-year-old me to try to comprehend!
Back to Top profile | search
 
Brian Miller
Byrne Robotics Member
Avatar

Joined: 28 July 2004
Location: United States
Posts: 30785
Posted: 04 December 2023 at 5:16pm | IP Logged | 6 post reply

Surprised all that gold hasn’t been used since that story, Vinny. I guess it’s
still just sitting there at the bottom of the ocean.
Back to Top profile | search
 
John Byrne
Avatar
Grumpy Old Guy

Joined: 11 May 2005
Posts: 131996
Posted: 04 December 2023 at 5:19pm | IP Logged | 7 post reply

Kind of a flip on GOLDFINGER, where ol’ Auric wants to contaminate the gold in Fort Knox and by so doing increase the value of his own stockpiles.

(As opposed to the novel, where his plan is to STEAL the gold!)

Back to Top profile | search
 
Dave Kopperman
Byrne Robotics Member
Avatar

Joined: 27 December 2004
Location: United States
Posts: 3082
Posted: 04 December 2023 at 5:24pm | IP Logged | 8 post reply

And now I'm kicking myself once again for misplacing the 1/10 ounce gold coin that a family friend once gifted me.
Back to Top profile | search | www
 
Dave Kopperman
Byrne Robotics Member
Avatar

Joined: 27 December 2004
Location: United States
Posts: 3082
Posted: 04 December 2023 at 5:28pm | IP Logged | 9 post reply

I'd have to assume that a good part of the skyrocketing value of gold is the whole end-times marketing aspect of it on Fox and other conservative platforms. Not sure if it counts as 'artificially inflating' the market value, but it definitely has a vibe of Grant's/Gould's Black Friday scandal.
Back to Top profile | search | www
 
Michael Penn
Byrne Robotics Member
Avatar

Joined: 12 April 2006
Location: United States
Posts: 12378
Posted: 04 December 2023 at 8:20pm | IP Logged | 10 post reply

This image popped in from my memory...

Back to Top profile | search
 
Daniel Burke
Byrne Robotics Member
Avatar

Joined: 10 November 2016
Posts: 100
Posted: 04 December 2023 at 9:30pm | IP Logged | 11 post reply

Gold was pegged at $35/ounce until 1971 when Richard Nixon took us off the Gold Standard, (Bretton Woods system) which allowed gold to be turned into US currency anywhere in the world. 

A very, very underrated event in world history!
Back to Top profile | search
 
Jim Petersman
Byrne Robotics Member
Avatar

Joined: 26 June 2012
Location: United States
Posts: 624
Posted: 04 December 2023 at 10:15pm | IP Logged | 12 post reply

So the Beast can lift a solid gold tree but Colossus has to struggle to pull out a tree trunk? lol
Back to Top profile | search
 

Page of 2 Next >>
  Post ReplyPost New Topic
Printable version Printable version

Forum Jump
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot delete your posts in this forum
You cannot edit your posts in this forum
You cannot create polls in this forum
You cannot vote in polls in this forum

 Active Topics | Member List | Search | Help | Register | Login