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Dow Jones is still far from record when priced in gold, Peter Schiff says
From Schiff Gold, White Plains, New York
Monday, December 18, 2023
The Dow Jones index hit record highs last week. But when you price the index in real money -- gold -- it remains far below record levels.
Last week the Dow closed above 37,000 for the first time. On Friday it set a record of 37,305. But during his podcast, Peter Schiff put that record into context.
If you take the price of gold at $2,000 an ounce, the Dow is priced at roughly 18.5 ounces of gold. That's not even close to a record high. In 1966, the Dow was priced at about 20 ounces of gold.
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Schiff said: "From the 1966 peak to today, in terms of real money, the Dow is actually lower than it was in 1966. In fact, it may be lower than it was in 1929 in terms of gold."
The record high for the Dow Jones priced in gold was 1999 when it took almost 42 ounces of gold to "buy" the Dow. ...
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