Feeds:
Posts
Comments

Posts Tagged ‘ounce’

tumblr_mcm50ceWFP1qijolto1_500[1]

In the mid-fifties, gold cost $35 an ounce.  My father, a mine captain, earned a hundred and fifty pounds a month.  I cannot be sure of the exchange rate.  Vaguely I recall that a pound was about two dollars.  So let us say he earned about ten ounces of gold a month or about one hundred ounces of gold a year.

With gold at about $1,700 an ounce these days, a hundred-ounce-a-year salary is about $170,000.   How many miners these days earn that sum?  Truth is not many from what I can see.  You have to be pretty senior to earn that salary–but then my father was relatively senior.

These gold-price to salary comparisons are prompted by a fun article in Commodity HQ at this link.  Surprising how little an ounce of gold buys these days.  I know that I spend the equivalent of an ounce of gold each month on books, CDs, DVDs, and other indulgences, vices, and diversions.  What gold-percent of your income goes on pure pleasure?

Which makes me wonder if mining salaries and the price of gold have advanced in lock-step with the price of gold — or have salaries fallen behind?  Is there a correlation?  I have done no research for this posting.  I leave that to those with a greater eye for the detail of the price of gold.  And I would appreciate your take on the correlation of the gold price and mining salaries.

Read Full Post »

Follow

Get every new post delivered to your Inbox.

Join 527 other followers