Larger image: http://fxmadness.com/wp-content/uploads/2009/09/long-term-silver-ra.jpg Source: http://fxmadness.com/2009/09/26/general/long-term-gold-silver-chart/
Well makes sense but I would have thought that it would have been much higher relatively speaking. Unfortunately the chart does not go back far enough in time. Everyone here is likely familiar with the Roman empire and how a good daily wage was 1/10oz of silver. And that person likely had a house, a wife, children and house help or even a slave. $80/day would even come close to being able to pay for any of that. Mind you we do have better overall quality of life today thanks in large part to technological innovation. So perhaps comparatively silver is far more undervalued historically than $806/oz worth of purchasing power.
Doesn't go far back enough?? It's almost 700 years! :lol: Nah, I hear you, though. I really don't know if that was a true all-time high or not, if the creator took earlier times into consideration. And the chart I posted/linked is just a guesstimate based on records & certain variables. Originally supposedly from a pretty credible source, from what I understand. Couldn't really tell you the value during Rome. But keep in mind that the average Roman didn't lead a very great life. Regardless, the trend is definitely not our friend. However, keep comfort knowing that we're probably getting a pretty good deal, historically speaking..
And here in lies the problem my friend. $80 here in NZ or over in Aust ain't going to get that standard of living. However $80 a day and living in India, Indonesia, China and many other non western areas and you could live like a king/queen and have many slaves. I find a lot of us only think about where we are or the usa to make comparisons. The fact of the matter is we are in the minority and many MANY other nations and areas within nations require very little western $$$$ to maintain a very HIGH standard of living.
Mining techniques and more abundant mines of the new world increased supply as demand decreased with the advent of fiat and manufacturing of other metals.
I am having a little bit of trouble reasoning this table as accurate. In fact id have to say it is way way way way way off. For instance according to your chart $1477 was the all time high in 1514(ish)? At this same time Leonardo da vinci was retired and receiving a a sum of 10,000scudi (a year?) to live off. According to your chart that would mean in todays dollars he was getting over $9,000,000. This does not seem to right to me. I am using roudish figures here so please do not pick on a hundred $s here or there. Can someone point out where i have gone wrong please.
You are bloody well spot on, thanks. In that case poor old Leonardo was only collecting $500,000+. My poor eyesight aside , it does not alter my argument. Thanks for pointing that out though Liquid
You have to remember that this is PPP equivalent. If Leonardo could hire and pay 10 average men's wages then that's probably about right. I think 1000scudi a year could do that per man. Of course he didn't spend his money that way but that sounds about right.
Is a scudi 3.5 grams? Also he was paid in gold and silver. Remember he was extremely highly paid and employed people. His wages equate to $80k USD in terms of today's price. Now compare his wages to his equivalent say a CEO who comparatively has contributed less to humanity and will not be remember like Da Vinci centuries and perhaps millennia (if we last that long) after his death.
No idea. I know the florin gold coins were 3.5grams each, that part is confirmed. There were 4 states where he live, florence, amboise, milan and vinci when he lived 15 April 1452 2 May 1519. It depends on which state too. "Italian States" According to a coin catalouge there were many variances... I only can view from 1600-present. So that's 22.5oz of gold = $34,650AUD today and the 240 Scudi (?) Scudi, Scudo, Escudos and others have the same root which is making difficult to find out. The escudos were the basis of the Doubloons later on... a 2 escudos were 6.7grams of gold at 0.875 fine Anyway couldn't find any reference to 10,000 scudi. Here's some exchange rates at the time: https://books.google.com.au/books?i...Q6AEwAg#v=onepage&q=weight of a scudi&f=false Any examples include in Genova in 1600 2 scudi was 76grams and was around 40grams per scudi and made from silver The scudo seems far more common as a silver coin. And for much of the italian states the scudi refers to the gold coin of 3.5 grams which seems to form the backbone of trading. Anyways... that's all I had the curiousity to find out. Take it with a pinch of salt as I don't know. But what we do know is Leonardo was extremely highly paid for the time and built lots of things requiring labour, resources etc.
