The number of hours of average U.S. labor required to purchase one ounce of gold. This chart inverts the typical purchasing-power view by asking how expensive gold is in real human terms — not ‘how many ounces does X cost’ but ‘how much work does an ounce cost.’ The chart contextualizes gold prices against the value of time and earning capacity, the most fundamental measures of economic value.
Analyst's Note
Gold has gotten more expensive in labor-hour terms during periods when gold prices rise faster than wages. This is a different story than the goods-in-gold charts, where most goods have held steady or declined relative to gold. The labor chart reveals that gold can be an increasingly expensive store of value to acquire, not just an increasingly valuable store of value to hold. For the analytical investor, this chart sets a useful upper bound on the price extension of any gold rally: when an ounce requires many dozens of hours of labor, the marginal buyer pool of working-age savers is meaningfully constrained relative to historical norms. The chart contextualizes whether gold is accessible to the average worker at any given point in time.