>>13656877 pb
>At $.18/gallon lets say in 1970, an ounce of gold ($35) would have bought 194 gallons of gas. At $5.00/gallon in 2021, an ounce of gold ($1900) would buy 380 gallons of gas.
so that means gold is OVERVALUED. too bad for gold bugs…
more telling comparison… when i got my first car, minimum wage was $1.80/hr, so one hour of labor bought 10 gallons of gasoline. today, minimum wage is $7.15/hr, so one hour of labor buys 2 gallons of gasoline (at least this week).
or looking at it another way, minimum wage needs to be raised to $35.00/hr to be competitive with minimum wage in the 1960s.