But in 1954 the US was on a gold standard and gold was a fixed price. It wasn’t until 1971 that gold was a free market asset which you would expect to grow in value as GDP grows.
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Am just a geologist. Can maybe help you find the gold but not explain economic significance. Take a look at the chart on pricedingold.com. I was just looking at it and trying to wrap my head around what is value and how denominator changes the perception of numbers but am not savvy enough on economics to paint a picture on what it truly means