Price of Gold vs. Inflation and Currency in Circulation

Below, find the yearly price of one ounce of gold in US dollars, the average yearly inflation rate, and the amount of M1 currency in circulation as of Dec. of each year for 1947 through 2019. The price of gold and average inflation are listed for 1915 through 1946 (M1 currency information was not available for those years). For 1833 through1914, only the price of gold was available.

M1 currency consists of funds that are available for spending, including currency in circulation (such as in your wallet or the cash register at a store), traveler’s checks, and demand deposits (such as money held in a checking account). among other funds.

Year	Price of 1 Ounce of Gold (US Dollars)	Average Inflation Rate for Year	Amount of M1 Currency in Circulation in Dec. of Year (billions of US dollars)
2019	1392.6	0.0181	1713.1
2018	1268.49	0.0244	1626.7
2017	1257.12	0.0213	1527.4
2016	1250.74	0.0126	1422.4
2015	1160.6	0.0012	1340.4
2014	1266.4	0.0162	1254.3
2013	1411.23	0.0147	1162
2012	1668.98	0.0207	1092.3
2011	1571.52	0.0316	1003.5
2010	1224.53	0.0164	920.7
2009	972.35	-0.0034	865.8
2008	871.96	0.0385	818.9
2007	695.39	0.0285	764
2006	603.46	0.0324	754.8
2005	444.74	0.0339	729.2
2004	409.72	0.0268	702.4
2003	363.38	0.0227	666.7
2002	309.73	0.0159	630.2
2001	271.04	0.0283	585.2
2000	279.11	0.0338	535.6
1999	278.98	0.0219	522.1
1998	294.24	0.0155	464.3
1997	331.02	0.0234	429
1996	387.81	0.0293	398
1995	383.79	0.0281	376.3
1994	384	0.0261	357.6
1993	359.77	0.0296	324.3
1992	343.82	0.0303	294.5
1991	362.11	0.0425	269.5
1990	383.51	0.0539	249
1989	381	0.0483	225
1988	437	0.0408	214.6
1987	447	0.0366	199.1
1986	368	0.0191	182.9
1985	317	0.0355	170.1
1984	361	0.043	158.4
1983	424	0.0322	148.6
1982	376	0.0616	134.8
1981	460	0.1035	124.6
1980	615	0.1358	117.4
1979	306	0.1122	106.9
1978	193.4	0.0762	98
1977	147.84	0.065	89
1976	124.74	0.0575	81
1975	160.86	0.092	74.1
1974	154	0.1103	68.2
1973	97.39	0.0616	61.9
1972	58.42	0.0327	57.3
1971	40.62	0.043	52.9
1970	36.02	0.0584	49.5
1969	41.28	0.0546	46.5
1968	39.31	0.0427	43.9
1967	34.95	0.0278	40.8
1966	35.13	0.0301	38.7
1965	35.12	0.0159	36.7
1964	35.1	0.0128	34.6
1963	35.09	0.0124	32.8
1962	35.23	0.012	30.9
1961	35.25	0.0107	29.9
1960	35.27	0.0146	29.3
1959	35.1	0.0101	29.3
1958	35.1	0.0273	29.2
1957	34.95	0.0334	28.9
1956	34.99	0.0152	28.8
1955	35.03	-0.0028	28.4
1954	35.04	0.0032	27.9
1953	34.84	0.0082	28.2
1952	34.6	0.0229	27.8
1951	34.72	0.0788	26.6
1950	34.72	0.0109	25.4
1949	31.96	-0.0095	25.5
1948	34.71	0.0774	26.2
1947	34.71	0.1465	26.8

Year	Price of Gold (US Dollars)	Average Inflation Rate for Year
1946	34.71	0.0843
1945	34.71	0.0227
1944	33.85	0.0164
1943	33.85	0.06
1942	33.85	0.1097
1941	33.85	0.0511
1940	33.85	0.0073
1939	34.42	-0.013
1938	34.85	-0.0201
1937	34.79	0.0373
1936	34.87	0.0104
1935	34.84	0.0256
1934	34.69	0.0351
1933	26.33	-0.0509
1932	20.69	-0.103
1931	17.06	-0.0894
1930	20.65	-0.0266
1929	20.63	0
1928	20.66	-0.0115
1927	20.64	-0.0192
1926	20.63	0.0094
1925	20.64	0.0244
1924	20.69	0.0045
1923	21.32	0.018
1922	20.66	-0.061
1921	20.58	-0.1085
1920	20.68	0.159
1919	19.95	0.1531
1918	18.99	0.1726
1917	18.99	0.178
1916	18.99	0.0764
1915	18.99	0.0092

Year(s)	Price of Gold (US Dollars)
1914	18.99
1913	18.92
1912	18.93
1911	18.92
1910	18.92
1909	18.96
1908	18.95
1907	18.94
1906	18.9
1905	18.92
1904	18.96
1903	18.95
1902	18.97
1901	18.98
1900	18.96
1899	18.94
1896-1898	18.98
1895	18.93
1894	18.94
1891-1893	18.96
1890	18.94
1889	18.93
1872-1888	18.94
1833-1871	18.93

Sources:

Federal Reserve Bank of St. Louis, “Currency Component of M1,” fred.stlouisfed.org, Aug. 6, 2020
Tim McMahon, “Historical Inflation Rate,” inflationdata.com, July 14, 2020
National Mining Association, “Historical Gold Prices, 1833 to Present,” nma.org (accessed Aug. 7, 2020)

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