My take home pay is now less than 1oz of gold per week.

agentjim007 · February 27, 2008 3:23AM

And I just got a raise

I believe in relation to gold I'm making less than when I started. Did many make an oz. ($20 gold piece) of gold per week in the 1920's? Am I earning 1920 wages?

ziggy29 · February 27, 2008 3:25AM

<< And I just got a raise

I believe in relation to gold I'm making less than when I started. Did many make an oz. ($20 gold piece) of gold per week in the 1920's? Am I earning 1920 wages? >>

Ford was paying its workers $5 a day back then, so they were getting an ounce of gold just about every four working days. You'd have to make about $240 a day (about $62000 a year assuming a five-day work week) to get paid a quarter-ounce of gold per day. (Of course, they were probably working more than eight-hour days.)

Cocoinut · February 27, 2008 3:28AM

I recall reading that the average annual salary in 1929 was $3000, or $57.69 per week. Perhaps someone can verify or refute that.

Jim

ricko · February 27, 2008 3:33AM

Apples and oranges.... so many different things to consider beyond the obvious numbers. Cheers, RickO

tjkillian · February 27, 2008 3:36AM

In the mid-1930s, cooks made $0.25 per hour.

In the mid-1850s, brick layers on the Erie canal made $2.50 per day.

In the early 1970s, minimum wage was $1.25 per hour.

rgCoinGuy · February 27, 2008 3:37AM

Interesting point though, anyone know a good place to mine about an ounce a week?

EricSan · February 27, 2008 3:58AM

Ha! Pretty interesting comparison!

I would like to see a chart of "average" salary over the past few decades. According to the IRS, approx 70-80% of households make less than $50k a year. Wonder how this data plays out through history.

BECOKA · February 27, 2008 4:23AM

Thats a pretty neat way to look at it.

Instead of how much money convert it to how many ounces. Sounds like you are a quarter ounce short of what they made back then. 3 years ago you were doing much better.

vaq45 · February 27, 2008 4:27AM

It will be a lot less when Obamie gets done with ya

guitarwes · February 27, 2008 5:18AM

I wish I could make even close to an Oz. of Gold per week..........sheesh.

percyb · February 27, 2008 5:21AM

that's fine but one's debt is more of a consternation to success and should be guarded and curtailed.

tahoe98 · February 27, 2008 5:25AM

<< In the mid-1930s, cooks made $0.25 per hour.

In the mid-1850s, brick layers on the Erie canal made $2.50 per day.

In the early 1970s, minimum wage was $1.25 per hour. >>

yes but they had some damn nice coins in circulation!

olmanjon · February 27, 2008 5:31AM

When I started as an Ironworker in 1964, my wage was $2.99 an hour. After taxes I cleared $75 a week. Had more money than I knew what to do with. Gold was $32.50 an ounce back then.

jmski52 · February 27, 2008 5:33AM

Ron Paul just gave a similar example while questioning Bernake today, saying that oil prices have in fact been flat when compared to gold for the past 3 years.

curly · February 27, 2008 6:25AM

Shoot, you brothers are doing good! I get an ounce and a half a month. As a matter of fact, it came TODAY!!!

mach19 · February 27, 2008 6:34AM

<< Shoot, you brothers are doing good! I get an ounce and a half a month. As a matter of fact, it came TODAY!!!

>>

Tell 'Em Brother

pf70collector · February 27, 2008 6:38AM

They paid less taxes too back in 1929. We work well into May just for the government-state, fed and local combined.

fastrudy · February 27, 2008 6:40AM

Sobering thoughts. I am retired since 2005, and I get more than an ounce/week. Before you flame me as lucky, I was in college making $0 for five years (and I busted my chops).

TwoSides2aCoin · February 27, 2008 7:03AM

I did a search for "Pick Axe and Shovel"... thinking you might have to moonlight.

I found this on eBay. It's appropriate !

PerryHall · February 27, 2008 7:06AM

<<

I did a search for "Pick Axe and Shovel"... thinking you might have to moonlight.

I found this on eBay. It's appropriate ! >>

Any woman wearing that is probably a gold digger.

unspendable · February 27, 2008 7:11AM

maybe gross with OT, but not take home.......

jessewvu · February 27, 2008 7:48AM

I think I make about an ounce a week. We are talking silver right?

They always say that an ounce of gold back then could buy you a nice suit and a nice pair of shoes. Today, an ounce of gold can buy you a nice suit, and a nice pair of shoes.

mrearlygold · February 27, 2008 7:52AM

<< And I just got a raise

I believe in relation to gold I'm making less than when I started. Did many make an oz. ($20 gold piece) of gold per week in the 1920's? Am I earning 1920 wages? >>

What do you do for a living?

TwoSides2aCoin · February 27, 2008 7:53AM

<< I think I make about an ounce a week. We are talking silver right?

They always say that an ounce of gold back then could buy you a nice suit and a nice pair of shoes. Today, an ounce of gold can buy you a nice suit, and a nice pair of shoes. >>

I can get a whole wardrobe at the Salvation Army (othewise known as "sally ann's" ) for one tenth of an ounce. AND that includes silverware !

gecko109 · February 27, 2008 8:29AM

My wife and I combined gross 13 ounces per month. I only wish we took anywhere near that home!

Vetter · February 27, 2008 9:31AM

<< And I just got a raise

I believe in relation to gold I'm making less than when I started. Did many make an oz. ($20 gold piece) of gold per week in the 1920's? Am I earning 1920 wages? >>

My take home pay is less then 1oz of gold from Jan 2007 prices and I've been with my company for 32 years. Yes thats 40hr a week.

ArizonaJack · February 27, 2008 9:33AM

my day job as a machine shop foreman take home pay is 1 oz a week at current levels

Bear · February 27, 2008 9:39AM

Tell the boss you want to be paid one

ounce of platinum per week. That should

solve the problem.

Longacre · February 27, 2008 9:45AM

The Man likes to keep us down. It does not surprise me.

percyb · February 27, 2008 10:05AM

<< I think I make about an ounce a week. We are talking silver right?

They always say that an ounce of gold back then could buy you a nice suit and a nice pair of shoes. Today, an ounce of gold can buy you a nice suit, and a nice pair of shoes. >>

You don't shop in Manhattan.

Whatafind · February 27, 2008 11:02AM

why pay US workers a oz a week or month for gold , if they can go over seas and pay copper aday.
Copper is $3.88 per lb.

fcloud · February 27, 2008 11:09AM

Interesting way to look at it. I just get a piece of paper with some numbers on it.

mrearlygold · February 27, 2008 11:33AM

<< my day job as a machine shop foreman take home pay is 1 oz a week at current levels >>

Any idea what a machine shop foreman in your area would have made in the 1920's, 30's, 40's, 50's, etc etc? It would be interesting to compare.

mrearlygold · February 27, 2008 11:34AM

<< 

<< I think I make about an ounce a week. We are talking silver right?

They always say that an ounce of gold back then could buy you a nice suit and a nice pair of shoes. Today, an ounce of gold can buy you a nice suit, and a nice pair of shoes. >>

You don't shop in Manhattan. >>

Actually you can buy clothes a lot cheaper in Manhattan than most places. I'm not talking Bergdorf Goodman now. But Chinatown?

TwoSides2aCoin · February 27, 2008 11:45AM

I got a job at U-Pull-It auto parts. I take home a catalytic converter a week.

RedneckHB · February 27, 2008 11:48AM

China just raised its minimum wage 10%. Workers now make $120 per month.

mrearlygold · February 27, 2008 11:58AM

<< China just raised its minimum wage 10%. Workers now make $120 per month. >>

I have several friends who are Chinese and one of them made his first million ( USD ) before age 26. Has made many more since then. Owns several condos in Szenchen. Has a couple of the big mercedes and they don't lease them there. If you don't have cash in full, you don't drive.

Another friend who is in the import-export business in Xi'an, exports fasteners. Several Containers per week and has been doing that for a long time. Gave me a "hot tip" once on a stock in China. AND had a way for me to buy that stock and sell it when the time came to do so. I was too chicken to play. The stock went up more than 1,000% in less than 6 weeks .

Have yet another friend who was one of the big buyers for Lowes Hong Kong. She paid the equivilent of a million USD for her apartment at age 28.

fastrudy · February 27, 2008 12:08PM

Thank you! WE HAVE OUR WINNERS!!!

YaHa · February 27, 2008 12:56PM

Do you know what idiots like myself make a week. No where near a oz of Gold. It takes me at least 3 weeks of pay for 1 oz of gold.

Idiots like myself make $7.39 flipping burgers at Wendy's, I was the fry guy last month making $7.00 a hour. So to those that think idiots like myself can't afford to buy Silver at spot think again. Idiots are people and coin collectors also. Another senseless response by the one and only Yaha.

Julio · February 27, 2008 1:31PM

See if they will pay you in Euros. jws

pb2y · February 27, 2008 5:07PM

Over 80 percent of all the people who ever lived
are alive today. Over 97 percent of all the gold
held by mankind was mined before 1950.
When you look at these numbers------
Paper money and booze is the only answer.
Have a drink !!!!!!

Bear · February 27, 2008 8:39PM

I know an elephant that

works for peanuts.

BlindedByEgo · February 27, 2008 11:57PM

<< The Man likes to keep us down. It does not surprise me. >>

Power to the people! Revolution is in the air!

A 2 gram raise to all, and a chicken in every pot!

Fascinating stuff, this inflation thing.

TwoSides2aCoin · February 28, 2008 12:05AM

<< I know an elephant that

works for peanuts. >>

A real Dumbo, eh Boo Boo ?

Let's get us a picnic ham and a jelly donut.

droopyd · February 28, 2008 5:19AM

Gold was $850/oz. in April 1980 and $964/oz. today (not adjusted for inflation).

Inflation adjusted, that $850/oz. was more than $2000/oz. in today's dollars.

So keeping your money locked up in gold was actually a losing proposition.

My gross weekly pay in 1980 was 1/6 of an ounce of gold, but by 1981 had doubled to 1/3 of an ounce of gold as the PM market had crashed. And PS, I was making about minimum wage in those days.

Thankfully today I make more than that. Though interestingly my salary was higher in terms of gold in 1999 than it is today, even though I have more than doubled my income in that time.

dbcoin · February 28, 2008 5:26AM

Gold closed above $800 only TWO DAYS in 1980. So to use the "gold was $850 in 1980" is just a stupid argument. Basically, it's the CNBC argument.

Markets go to extremes. That was an extreme in 1980.

Kind of like saying the Nasdaq was over 5000 in 2000 and its less than 2500 8 years later. I don't know anyone who bought gold over $800 in 1980. I don't know anyone who bought the Nasdaq over 5000 either.

More on topic, the Gold Buffalo is still on sale at the Mint. With shipping, its 5.25% over spot. I think that window gets closed real quick. I wouldn't mind getting paid a Gold Buffalo every week and paying taxes on the face value of the coin.

droopyd · February 28, 2008 5:37AM

<< Gold closed above $800 only TWO DAYS in 1980. So to use the "gold was $850 in 1980" is just a stupid argument. >>

Fine then, use $600/oz. instead. Gold was higher than that throughout most of the second half of that year. Even if you use the year low at $480/oz. (more than $1100 in today's dollars), my "stupid" argument still stands. Gold has lost value vis-a-vis the dollar since 1980.

<< Markets go to extremes. That was an extreme in 1980. >>

Who's to say that 2008 is not just such another extreme? The current PM run-up looks a lot like the one in 79/80 to me.

<< I don't know anyone who bought gold over $800 in 1980. I don't know anyone who bought the Nasdaq over 5000 either. >>

If someone sold at those prices, someone bought at those prices.

fastrudy · February 28, 2008 5:54AM

The current PM run-up looks a lot like the one in 79/80 to me

No, this one has lasted much longer than the one in 1980.

ttown · February 28, 2008 6:02AM

My local dealer keeps trying to get me to sell saying you better sell remember 1980. You really can't tell him anything so I just listen. This isn't 79/80, it may trun into 1929 God forbid. Really this is about the uncontrolled printing of money and consumer debt. Remember India and China are in their Industrial age just like the US was in the 1870's and this will make that look like it was non-existant IMO. All goods people have to have are going to be very high and all fiat monies are in trouble until the world get's their spending under control IMO.

rbalderman1 · February 28, 2008 6:15AM

the average person works for a single 1oz gold coin per week. The "top" make a "red" monster box of 500 1oz eagles a weak. IMO

dbcoin · February 28, 2008 6:33AM

How does you argument stand up if we go back to 1970 when Gold was $35? Gold is up amost 28 TIMES from that point.

Gold was fixed from the beggining of time until 1971. Of course you would get an upward spike after that.

Short stocks and go long the commodities. That seems to be the play. Once you're into the commodities it leads to rare coins. This can only be better for us coin collectors.

China raising the minimum wage by 18% will only add fuel to the inflation fire.

My take home pay is now less than 1oz of gold per week.

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