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Chart of the Day: Gold vs Hourly Wage

Samuel A. Kiburz, Senior Vice President, Chief Investment Officer Nov 4, 2025
Line graph showing the highs and lows of the cost of gold divided by the average hourly earnings of all US employees, from 1929 to 2019.

Contents

Today’s Chart of the Day comes from the Gold Market Chartbook and shows how many hours of work it takes to buy one ounce of gold. 

The past is no guarantee of future returns, but as Mark Twain said “… but it often rhymes.”  There have been sharp price declines in the past, two of the largest being 65% in 1985 and 35% in 2013.

In the future, a decline could be from:

  • Higher real (after inflation) yields
  • A rebound in the US dollar from improved fiscal discipline or economic growth
  • The reduced demand from countries like China, who are large buyers.  

Finally, remember the old saying, “the cure for high prices is high prices.” It's important to remember that the supply of gold is not fixed and high prices spur more and more resources into mining it.
Chart of the Day

About the Author

Samuel A. Kiburz, Senior Vice President, Chief Investment Officer
Samuel A. Kiburz, Senior Vice President, Chief Investment Officer

Samuel serves as Senior Vice President, Chief Investment Officer for the Crews family of banks. He manages the individual investment holdings of his clients, including individuals, families, foundations, and institutions throughout the State of Florida. Samuel has been involved in banking since 1996 and has more than 20 years experience working in wealth management.

Investments are not a deposit or other obligation of, or guaranteed by, the bank, are not FDIC insured, not insured by any federal government agency, and are subject to investment risks, including possible loss of principal.

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Chart of the Day: Possibility of Loss

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