In 1970 minimum wage was $1.60 per hour and gold was $38.50 per oz.

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That’s the hidden cost of inflation and 2% inflation goal year over year.

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Or gold is just in a bubble since the Obama admin, when goldbug culture started to explode

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not a good metric....Min wage should be zero....market will set entry level positions.

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This, too. I don't think many would argue min wage has kept up very well.

Median salary would be better, although you'd still likely see similar issues due to the price of gold skyrocketing post-2008

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not a good metric....Min wage should be zero....market will set entry level positions.

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Fair point.

But the more important point is the hidden costs of inflation policy.

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That’s the hidden cost of inflation and 2% inflation goal year over year.

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Inflation was far worse in the earlier parts of that timeframe

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Or gold is just in a bubble since the Obama admin, when goldbug culture started to explode

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over the past century, inflation adjusted gold prices peaked in 1980.

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A minimum wage working baw

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Not sure what the point is here. Minimum wage is an arbitrary price control set by governments. Better to look at median non-exempt hourly wage and compare that to a basket of goods instead of one commodity price.

On April 5, 1933, Roosevelt ordered all gold coins and gold certificates in denominations of more than $100 turned in for other money. It required all persons to deliver all gold coin, gold bullion and gold certificates owned by them to the Federal Reserve by May 1 for the set price of $20.67 per ounce. By May 10, the government had taken in $300 million of gold coin and $470 million of gold certificates. In early June, a joint resolution of Congress repealed the gold clauses in many public and private obligations that required the debtor to repay the creditor in gold dollars of the same weight and fineness as those borrowed. In 1934, the government price of gold was increased to $35 per ounce, effectively increasing the gold on the Federal Reserve’s balance sheets by 69 percent. This increase in assets allowed the Federal Reserve to further inflate the money supply.

The government held the $35 per ounce price until August 15, 1971, when President Richard Nixon announced that the United States would no longer convert dollars to gold at a fixed value, thus completely abandoning the gold standard. In 1974, President Gerald Ford signed legislation that permitted Americans again to own gold bullion.

The Federal Reserve's power to inflate money was entrenched.

Soon after taking office in March 1933, President Roosevelt declared a nationwide bank moratorium in order to prevent a run on the banks by consumers lacking confidence in the economy. He also forbade banks to pay out gold or to export it. According to Keynesian economic theory, one of the best ways to fight off an economic downturn is to inflate the money supply. And increasing the amount of gold held by the Federal Reserve would in turn increase its power to inflate the money supply.

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thanks boomers. Glad we ballooned the debt to unfathomable levels to pad your 401ks

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hey you GD stupid FCK, your assigned time to run the country has arrived - got your assignment?

You are already proving to be large scale morons with way you are handling illegal immigrants

snap snap - get to work to make my payment. Now, bitch!

Gold is inflating in price because like anything else, the people with it speculate the price up and then make themselves richer while pushing out the average joe's ability to be involved in it.

Welcome to your "free market" with no restrictions. This is how it works. Same with Oil "speculation" driving the price.