The price of gold fluctuates, but generally in an upwards direction. Since 13 January 2002, when the price of a troy ounce of gold was around $297 as of 5 May 2020 it has risen to more than $1,698.
If we take a few random dates – 6 April 2009, 1 April 2010 and 14 April 2019 – we can see that the gold price (per troy ounce) on those days was, in US dollars, $897.62, $1,179.47 and $1,301.73. That’s an increase of $404.11 per ounce over the last ten years.
In the US the average weekly wage in the last quarter of 2009 was $942. In 2010 it was $971 for the final quarter. In the third quarter of 2019 (the latest data available) it was $1,093. So, in the last ten years, weekly income hasn’t increased very much at all, just $151.
The US Bureau of Labor Statistics, which covers 22 major metropolitan centres, says the average weekly household grocery spend during 2017-18 was between $314 and $516. On average the typical US household’s weekly shop cost $415.
“…gold, if used to buy the US average weekly shop on 1 April 2009, would have covered it and with $482 left over.”
It does not take a mathematical genius to work out that a troy ounce of gold, if used to buy the US average weekly shop on 1 April 2009, would have covered it and with $482 left over.
If the same single troy ounce had paid for the weekly shop on 14 April 2010 the American shopper would have had a ‘surplus’ of some $764.
“In the US that one ounce of gold in 2019 would have paid for more than three weekly average grocery trolleys.”
And if the same 1 ounce was spent on the US weekly shop on 14 April 2019, it could have paid for more than three weekly average grocery trolleys.
“gold price will continue to rise, to $3000 an ounce”
If some forecasters, such as Bank of America, are correct that the gold price will continue to rise, to $3,000 an ounce in 18 months, that would be more than 50% higher than its existing record.
“…pay for…seven weeks of the average US weekly shop with one troy ounce of gold…”
At $3,000 a troy ounce you could pay for more than seven weeks of the average US weekly shop with one troy ounce of gold.
Until now, unless you were a bullion dealer or someone who was very connected, with a great understanding of buying and selling gold, it’s unlikely that most of us would have the knowhow or the confidence to benefit from the stable value of gold. Also, let’s face it, before now, it wasn’t actually possible to use gold in the grocery store to buy our weekly shop.
Today, however, thanks to GLINT, most people can now use gold as regular, everyday money and save fortunes on their bills. It’s super simple and super secure. We recommend that you go to your favourite App store and download the Glint app to unlock the benefits of using real, physical gold, that you own, today. Now, you really can save your hard earned cash and pay for your weekly groceries in gold!
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