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As of 2026-05-09, @dgsommersmkts reports gold at $4,700 per ounce, which is more…

2026-05-09 · 12:16 UTC ·@dgsommersmkts ·1 min read

Brief

Gold's price at $4,700/oz (May 9, 2026) is contrasted with the $35/oz official price when Nixon closed the gold window in August 1971; the author emphasizes gold's physical constancy (atomic number 79) and argues the huge nominal increase reflects changes in the dollar/monetary system and purchasing power, not the metal itself.

Why it matters

As of 2026-05-09, @dgsommersmkts reports gold at $4,700 per ounce, which is more than 100× the $35/oz official U.S. price when President Nixon closed the gold window in August 1971.

Key details

  • The author asserts gold itself is unchanged (atomic number 79) and that the >100× price rise reflects changes in the dollar/monetary system and purchasing power, not any change in the metal; they ask what changed for gold and all goods/services.
Source evidence

With gold now at $4,700 per ounce, we are at a price that is more than 100x (in dollars) gold's price of $35 per ounce when President Nixon fatefully closed "the gold window" in August 1971.

Is gold more than 100x better than it was in 1971?

Of course not. Gold is the exact same, atomic number 79 on the periodic table of elements, as it was in 1971. It is exactly the same in all respects as it was in 1971. Gold is the same as it was in 1971 BC, and 4,000 years before that too.

So, what has, in fact, changed? For gold, as well as all goods and services?