Poll:- life better now or in 1959?

[SirJosephPorter]

11/27-17:00

1.0619US
0.9418CDN
19.38 Oz Ag
+0.06

+0.31%

SJP Few years back I posted a thread about silver and gold coins being put back in circulation.

Do you recall the price of those two minerals at that time (3 years ago)?

Oh, I do recall our conservations regarding gold as an investment vehicle. As I recall you are big on investment in gold and silver. I do have some money invested in gold but that is only one of my several holdings.

But I am still interested in how you arrived at the 1800% figure for inflation. Are you saying that there has been 1800% inflation in the past 50 years? Mind you it may sound a lot when put it that way, but it only come to 6% per year. Anyway, is that what you are saying?

 

[ironsides]

Oh, I do recall our conservations regarding gold as an investment vehicle. As I recall you are big on investment in gold and silver. I do have some money invested in gold but that is only one of my several holdings.

But I am still interested in how you arrived at the 1800% figure for inflation. Are you saying that there has been 1800% inflation in the past 50 years? Mind you it may sound a lot when put it that way, but it only come to 6% per year. Anyway, is that what you are saying?

Here is some interesting gold figures 1959 - Gold was $35.25 per oz. Today it is $1,174.20.

Historical gold prices

Historical spot gold prices

 

[AnnaG]

Here is some interesting gold figures 1959 - Gold was $35.25 per oz. Today it is $1,174.20.

Historical gold prices

Historical spot gold prices

lol Someone mentioned 1800%? Gold's gone up about 3330%. Has take home pay?
1959, a stamp was about a nickel. Now it's 54¢. Has take home pay gone up by 1100%? You could get a loaf of bread for about a nickel, too. Now it's $2.00 or more.

 

[SirJosephPorter]

Here is some interesting gold figures 1959 - Gold was $35.25 per oz. Today it is $1,174.20.

Historical gold prices

Historical spot gold prices

Depends upon which baseline you choose, ironsides. Gold was 594.90$ in 1980, it is 1174.20$ today, hardly a stellar performance.

No doubt compared to 1959 the performance looks good. However, I think very few would buy gold and then hold it for 50 years (unless like Indian women, they are fond of gold jewellary and pass it down from generation to generation).

 

[JLM]

Here is some interesting gold figures 1959 - Gold was $35.25 per oz. Today it is $1,174.20.

Historical gold prices

Historical spot gold prices

$35 in 1959 was worth about the same as $1100 is today. Give or Take a buck or two.

 

[Spade]

$35 in 1959 was worth about the same as $1100 is today. Give or Take a buck or two.

Right on, JLM!

$35 in 1959 = $258.77 today
$35 in 1914 = $657.54 today!

Price of gold = predictor of currency devaluation.

 

[JLM]

Right on, JLM!

$35 in 1959 = $258.77 today
$35 in 1914 = $657.54 today!

Price of gold = predictor of currency devaluation.

Eight times eh? That would seem reasonable, when I first started in the work force in the early 60s a cup of coffee was 10 cents, gas was 45 cents an Imperial gallon in the B.C. Interior, cheaper on the coast.

 

[talloola]

Eight times eh? That would seem reasonable, when I first started in the work force in the early 60s a cup of coffee was 10 cents, gas was 45 cents an Imperial gallon in the B.C. Interior, cheaper on the coast.

I smoked in those days, (quit when I was 25), and I complained about the high cost
of a pack of cigarettes @ .32 a pack.

 

[AnnaG]

$35 in 1959 was worth about the same as $1100 is today. Give or Take a buck or two.

I thought someone said the inflation rate was 1800%, that puts a $35 in 1959 at about $630 today. Or is everyone just throwing out whatever numbers jump into their heads?

 

[AnnaG]

Either way, wages don't seem to have kept up. Especially take-home pay.

 

[AnnaG]

A 1959 Cadillac Eldorado cost about $13,000 US at the time. To replace the starter took about 15 minutes. Labor cost would have been under $5 and the starter would have cost under $25. Now, A comparable Caddy costs about $46,000, the time to replace the starter is about an hour and a half at about $65 to $70/hour shoptime; and that's after the mechanic had diagnosed the problem with the computer.
Les was grumbling about replacing some sensor that cost $38 in a recent Buick the other day. The part is between the engine and the firewall, even with the hood off he couldn't see where the part was and had to do it all by feel. The repair manual does not say what type of screw holds the part in so that took time to figure out. Then there was trying to get the screws started once the new part was in about the right position. In 1959 your mechanic could climb inside most engine compartments and change small parts within minutes and very few places were hidden.
Some things about progress are great, some really suck.

 

[JLM]

I thought someone said the inflation rate was 1800%, that puts a $35 in 1959 at about $630 today. Or is everyone just throwing out whatever numbers jump into their heads?

That 1800 was just a little bit of "tongue in cheek", I'm sure.........."hyperbole" for those connected to Microsoft and REaders Digest. BULLSH*T FOR US PEONS.

 

[ironsides]

Depends upon which baseline you choose, ironsides. Gold was 594.90$ in 1980, it is 1174.20$ today, hardly a stellar performance.

No doubt compared to 1959 the performance looks good. However, I think very few would buy gold and then hold it for 50 years (unless like Indian women, they are fond of gold jewellary and pass it down from generation to generation).

1959 is the Thread were talking in.

 

[ironsides]

$35 in 1959 was worth about the same as $1100 is today. Give or Take a buck or two.

Sure was, I was making about $600 a month back then and thought I was on the top of the world.

 

[JLM]

Sure was, I was making about $600 a month back then and thought I was on the top of the world.

I was making about $600 a month in 1969 and thought I was on top of the world. :lol::lol:

 

[TenPenny]

Sure was, I was making about $600 a month back then and thought I was on the top of the world.

I would say that if you were making $600/month in 1959, then you were on top of the world. Or close to it, for a working person.

Considering the average salary in the US was less than $3000/year.

 

[JLM]

I would say that if you were making $600/month in 1959, then you were on top of the world. Or close to it, for a working person.

Considering the average salary in the US was less than $3000/year.

Yep, $2 an hour was a top wage. I remember in 1962 unionized carpenters were earning $1.92 an hour in British Columbia.

 

[talloola]

Yep, $2 an hour was a top wage. I remember in 1962 unionized carpenters were earning $1.92 an hour in British Columbia.

We were married in l958, and shortly after that my husband 'broke' the $1.00 per hour
wage, as a young mill worker, he was then 22 and had worked in the mill for 5 years, by the time he retired in l991 as the top benchman in the mill, he was making about $36.00 per hour, and I think it was the top wage in the mill, even more than a sawyer, so he
paid his dues, went to school, got all of his tickets over the years, and the sawmill was
good for him, 'not so now', but if one checks out 'what' one can buy for the dollar
compared to now from l959, I can't really see an improvement at all, but a decline.
There is 'no' way a young married couple can live on 'one' wage today, unless of
course the working person is making a large amount of money each month.
We could do it then. A 20 dollar bill in my purse after bills were paid and groceries
bought would go a long way.

 

[AnnaG]

That 1800 was just a little bit of "tongue in cheek", I'm sure.........."hyperbole" for those connected to Microsoft and REaders Digest. BULLSH*T FOR US PEONS.

Ah, ok. It almost made me go figure out how much infaltion has been added since, though. lol

 

[AnnaG]

We were married in l958, and shortly after that my husband 'broke' the $1.00 per hour
wage, as a young mill worker, he was then 22 and had worked in the mill for 5 years, by the time he retired in l991 as the top benchman in the mill, he was making about $36.00 per hour, and I think it was the top wage in the mill, even more than a sawyer, so he
paid his dues, went to school, got all of his tickets over the years, and the sawmill was
good for him, 'not so now', but if one checks out 'what' one can buy for the dollar
compared to now from l959, I can't really see an improvement at all, but a decline.
There is 'no' way a young married couple can live on 'one' wage today, unless of
course the working person is making a large amount of money each month.
We could do it then. A 20 dollar bill in my purse after bills were paid and groceries
bought would go a long way.

Exactly, Tall. There was a lot more take home pay than nowadays. Medicare just started, gov't was much smaller, Canada still had railways, rock & roll was in full swing (punny aren't I? ), etc. Each era has its own benefits and ugliness.