Sources
Sources & method
Authoritative primary and compiled sources. Derived figures show their arithmetic. Checked 20 October 2026.
| Key | Source | Supports |
|---|---|---|
| [wgc] | How much gold has been mined? Above-ground stocks, end-Q2 2026 World Gold Council | 222,600 t above ground; ~two-thirds mined since 1950; US$29.0tn value; central banks ~39,000 t (18%); jewellery ~45%; ETFs ~4,000 t; "virtually indestructible" |
| [gdt] | Gold Demand Trends Q2 2026 (30 Jul 2026) World Gold Council | LBMA PM average Q2 2026 US$4,506.29/oz; central-bank and institutional buying 56.5 t Q1 (revised), 288.9 t Q2, +62% y/y |
| [usgs] | Mineral Commodity Summaries 2026: Gold U.S. Geological Survey | World mine production 2025 est. ~3,300 t (2024 revised to 3,280 t); 1 t = 32,150.7 troy oz |
| [cpi] | CPI for All Urban Consumers (CPIAUCSL), annual averages U.S. BLS via FRED, St. Louis Fed | 1971 annual average 40.483; 2025 annual average 321.962; calculator data 1947–2025 |
| [nixon] | Address to the Nation Outlining a New Economic Policy, 15 Aug 1971 The American Presidency Project (UCSB) | Nixon quote on suspending convertibility |
| [frbend] | Nixon Ends Convertibility of US Dollars to Gold Federal Reserve History | Official $35 in 1971; London Gold Pool 1961–68; Smithsonian agreement, end of Bretton Woods soon after |
| [bw] | Creation of the Bretton Woods System Federal Reserve History | 44 nations, July 1944; currencies pegged to the dollar, dollar to gold at $35 |
| [gra] | Gold Reserve Act of 1934 Federal Reserve History | $35/oz; 59% of the 1900 gold value; $2bn Exchange Stabilization Fund; private ownership legal again 1974 |
| [gsa] | Gold Standard Act of 14 March 1900, 31 Stat. 45 govinfo.gov | Gold made the standard of value at the existing weight (≈$20.67/oz) |
| [eo] | Executive Order 6102, 5 Apr 1933 The American Presidency Project (UCSB) | Delivery to a Federal Reserve Bank, branch or agency, or a member bank, by 1 May 1933; $100 exemption; penalties |
| [lydia] | Money Gallery, Room 68 guide British Museum | Early coins struck in Lydia, c. 650 BC |
| [1816] | The 1816 coinage bill World Gold Council | Britain puts its currency on gold by law, 1816 |
| [bordo] | Bordo & Schwartz, FRB Cleveland Working Paper 92-05 FRASER, St. Louis Fed | Classical gold standard widespread by about 1880 |
| [fin16] | Official International Reserves report 2015–16 Finance Canada | Canada finishes selling official gold reserves, 2016 |
| [jpm] | Press release 8260-20: JPMorgan to pay $920 million (29 Sep 2020) CFTC | Spoofing and manipulation in precious-metals and US Treasury futures |
| [lbma] | Good Delivery LBMA | Standard for accredited refiners and bar specifications |
| [boc] | Inflation Calculator Bank of Canada | Canadian equivalent tool (linked, not used for numbers) |
| [gml] | 2026 Gold Maple Leaf, 1 oz 99.99% pure (bullion) Royal Canadian Mint | 99.99% purity; radial lines; micro-engraved security mark |
| [dna] | Bullion DNA Royal Canadian Mint | Verification of Mint bullion products |
| [gst] | GST/HST Memorandum 17-1, paras. 29–31 Canada Revenue Agency | Investment-grade precious metals exempt from GST/HST |
| [eta] | Excise Tax Act, s. 123(1), "precious metal" Justice Laws | 99.5% purity threshold; definition |
| [folio] | Income Tax Folio S3-F10-C1, ¶1.51–1.53 Canada Revenue Agency | Which bullion is a qualified RRSP investment |
| [cftcf] | Precious Metal Frauds CFTC | Unsolicited pitches; phantom storage and financing schemes |
| [cftcr] | Beware of Gold and Silver Schemes Designed to Drain Your Retirement Savings CFTC | ~$150,000 fees on a $300,000 rollover; bullion premium ~5–10% vs numismatic 40–200% |
| [cftc10] | 10 Things to Ask Before Buying Physical Gold, Silver, or Other Metals CFTC | "Semi-numismatic" as an industry term; storage questions |
| [ftc] | Investing in Collectible Coins U.S. FTC (via govinfo) | Grading partly subjective; hold at least 10 years; collector prices can fall while gold rises |
| [nssc] | Precious metals scams Nova Scotia Securities Commission | Red flags incl. liquidating retirement savings to buy metals |
| [cafc] | Investment fraud Canadian Anti-Fraud Centre | High pressure, unusually high returns, fake dealers |
| [sec] | Self-Directed IRAs and the Risk of Fraud SEC Investor.gov | US retirement rollover fraud |
| [cbc] | Fake gold bars sold in Barrie (2018) CBC News | Gold-plated copper bars with fake mint stamps |
| [ic3] | PSA 210909 FBI IC3 | Counterfeit coins and bullion sold online |
| [rcmp] | Nova Scotia news, Oct 2026 RCMP | Fake "police safekeeping" gold scam |
Which CPI dates we use
US CPI-U, FRED series CPIAUCSL, annual averages: 1971 = 40.483 and 2025 = 321.962. 2025 is the latest full year. Monthly points (for example August 1971 to September 2026) give a slightly different result (about −88%); we use annual averages so no single month drives the figure.
Derived figures
- Stock-to-flow ≈ 222,600 t ÷ 3,300 t ≈ 67 years; annual growth ≈ 1.5% (WGC end-Q2 2026 stock; USGS 2025 est. flow; different dates).
- CPI 1971→2025: 321.962 ÷ 40.483 ≈ 7.95×; purchasing power 40.483 ÷ 321.962 ≈ 0.126, a loss of about 87%.
- Gold: US$4,506.29 (LBMA PM average, Q2 2026) ÷ $35 (official, 1971) ≈ 128.8×, shown as about 129×.
- Gold in real terms: 128.8 ÷ 7.95 ≈ 16× (gold multiple ÷ CPI multiple; different end dates).
- Cross-check: WGC's US$29.0tn ÷ (222,600 t × 32,150.7 oz/t) ≈ US$4,050/oz at end-Q2 2026. WGC rounds the value, so this is not used as a price.
- Chart heights: log₁₀(7.95) and log₁₀(128.8), scaled to the same axis.
Left out on purpose
- The often-cited Keynes "barbarous relic" line: not verified against the original text.
- "Gold held up while stocks fell": no sourced figure.
- A Canadian CPI series: no sourced figure in our pack; use the Bank of Canada calculator.
- The pre-1900 origin of the $20.67 rate: no primary source checked.
- Specific dealers or products to buy: out of scope.