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March Has Been Kind to the Precious Metals
by David Schectman, MilesFranklin.com:
In 1933 a millionaire was a rare bird and a million dollars was a lot of money. Let’s see what a millionaire looked like in 1933 in ounces of gold and silver. I’ll use the post-confiscation gold price of $35/oz.
One million dollars in 1933 was equal to 28,571/oz. of gold (three quarters of a tonne). Today, it’s worth 730/oz. In silver one million dollars was worth, believe it or not, 4,000,000/oz. (113 tonnes). Today, it’s worth 46,992/oz.
When using precious metals to calculate who is and who isn’t a millionaire, it is apparent that, based on today’s numbers, we have many clients that make the cut but based on the 1933 numbers, not a single one.
