Gold price in 1967

I was just going through some of my  old Queensland Government Mining Journals of September, 1967.
The price of Refined Gold on the 1st of July and  1st of August 1967 was $31.25 per Troy Oz. Au  
Todays price is $2191.66 per Troy Oz. Au  
52 years later , not a bad investment in money.
{ If we only knew . }

Though inflation has reduced the buying power of Money.
If you purchased gold in 1967 and still had it would you have sold in 2001 when gold was $285 AUD per ounce?

In 1967 you would have been better off buying a house in Sydney or Melbourne.

An oz of gold i 67 would by a lot more than an oz of gold today

At that rate the Kids would have a good time spending it when they inherit the gold you don,t sell. However medical treatment might use it all and more before they get it. Anyway we just dug it out of the ground with out the tax man getting their hands on it.

[quote="adrian ss"]An oz of gold i 67 would by a lot more than an oz of gold today[/quote



*As I recall the average wage was about $80 pw.........so one ounce equates to 1/3......which equates to $300 today.....Hmmmmmm.

GPZhunter wrote:Though inflation has reduced the buying power of Money.
If you purchased gold in 1967 and still had it would you have sold in 2001 when gold was $285 AUD per ounce?

In 1967 you would have been better off buying a house in Sydney or Melbourne.

************* The Liberals sold most of Australia's gold stockpile in 1997, 70 tonnes @ $400/ounce.......(Costello said gold was a relic !).

bowenboi wrote:I was just going through some of my  old Queensland Government Mining Journals of September, 1967.
The price of Refined Gold on the 1st of July and  1st of August 1967 was $31.25 per Troy Oz. Au  
Todays price is $2191.66 per Troy Oz. Au  
52 years later , not a bad investment in money.
{ If we only knew . }

Don't overlook the 'subsidy' paid to miners. I recall that for many years the price of gold in Australia was equivalent to $32.00 (for those not familiar with the term pound and symbol used, direct conversion of 1 pound equalled two $2.00) and ounce including the subsidy. Buying and owning gold for most citizens was difficult and expensive. Mining was encouraged and stimulated by the payment of the subsidy. Many miners were able to work low grade ground and still make a meagre profits - because of the subsidy.

Value of the minimum wage, 1960

Minimum wage        Current dollars

1960 $1.00                                          $6.65
1967 $1.40                                          $8.25
1973 $1.60                                          $7.24

$1.00 per week wage meant an ounce of gold would have cost such worker 32 weeks more than 6 months wages for 1 ounce of gold.

What is the Australian minimum wage 2019?

As of 1st July, 2019 the minimum wage is $19.49 an hour, or $740.80 per week. Casual employees get at least a 25 per cent loading.

If you use minimum wage paid in Australia ($740.80 per week) than the worker would only require just over 2 weeks wages to purchase 1 ounce of gold.

So the big question is: has the price of gold gone down relevant to the basic wage or have wages gone up to an unrealistic 'high' relevant to the current price of gold?


“On 18th November, 1954, the Commonwealth Parliament passed the Gold Mining Industry Assistance Act to assist the gold-mining industry in Australia, Papua and New Guinea, by the payment of a subsidy to gold producers. Small producers, whose annual output did not exceed 500 ounces, received a subsidy of £1 10s. per ounce, irrespective of cost of production; the subsidy payable to larger producers varied up to a maximum rate of £2 per ounce.

“On 23rd May, 1956, the operation of the Act was extended for three years to 30th June, 1959, and under an amendment enabled on 22nd October, 1957, the Commonwealth Government raised the subsidy to small producers to £2 per ounce; for larger producers the subsidy was raised a maximum of £2 15s. per ounce. The operation of the Act was extended for a further period of three years on 22nd May, 1959.

THE GOLD MARKET AND GOLD SUBSIDIES
A sharp rise in the price of gold on the London and other free markets in October, 1960, led to a revival of premium sales in that month. Sales on overseas premium markets in the last three months of 1960 were at higher prices than had been received in any year since 1953, and the monthly weighted average premium prices in the months of October, November and December, 1960, were respectively £A15.14s.1d., £A15. 16s. 7d., and £A15. 15s. 6d. per fine ounce. https://www.goldtrails.com.au/gold-heritage/heritage-chronology/heritage-1960/[/color]

As is often heard from the mouths of some of the older generations "O'h for the good old days" !!

The minimum Wage was

1960         £13.16.0   = $27.60
1960         £13.16.0   = $27.60
1961         £14.08.0   = $28.80
1962         £14.08.0   = $28.80
1963         £14.08.0   = $28.80
1964         £15.08.0   = $30.80
1965         £15.08.0   = $30.80
1966         £16.08.0   = $32.80

During this time I was working part time while doing Studies and was getting more than $10 each week.

.....Link.....  Minimum Wage 1905 on history

In 1970 I bought a modest house for $11000 and a new car for $2ooo  as time went by the houses went to $27000 seven years later when I got a new one built.