Cost of gold the year you were born | Personal Finance

e ground since 1950.

Stacker compiled a list of the price of gold every year since 1920. The cost of gold is from the 2019 London PM Fix average annual closing price from Kitco, and prices were adjusted by the annual consumer-price index (CPI) from 2020 Bureau of Labor Statistics (BLS) data. Gold production data from 1920-2015 come from the U.S. Geological Survey, while the years 2016-2019 come from the U.S. Geological Survey, Mineral Commodity Summaries (January 2020). With each passing year, there is great variation in the way people use, trade, mine, value, and exchange gold.

This soft but solid lustrous metal has been in use for millennia, but few centuries have proved more consequential in the history of gold than the one that just passed. Throughout human history, it’s estimated that people have mined 197,576 tons of gold. One reason gold has been so attractive for all of recorded history is that the precious metal is nearly indestructible, which means virtually all of that 197,576 tons is still around in one form or another. Even so, if you combined every ounce of gold ever mined into one large cube, that cube would only measure about 70 feet on each side.

Gold is malleable and ductile. It conducts heat and electricity. It resists acid; it doesn’t tarnish, and it’s one of the least reactive elements on Earth. It’s used in dentistry and medicine, electronics and computers. Most famously, however, it’s been a symbol of wealth and status for time immemorial. To this day, the vast majority of the world’s gold is used to make jewelry.

In the sixth century B.C., people produced the first true gold coins. Since then, gold’s most important function has been monetary. Gold was, and sometimes still is, a form of legal tender—used as money to purchase goods and services. It balances the portfolios of investors, both in physical and contract form. It has propped up currencies and stabilized the economies of nations and, for a few decades, of the entire world. Gold is most popular during times of crisis when people seek physical wealth they can see and hold. Gold carries much more weight both figuratively and literally than the equivalent amount of paper money. Although the value of gold is intrinsic, its price is always changing.

Keep reading to find out the cost ofgold from the year you were born.

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