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Gold prices are down significant on Monday morning. The price of gold is trading at $2636.06, down $22.20. The price of silver is trading at $31.07, down 49 cents.
The 2024 edition of the “In Gold We Trust” report‘s iPhone/Gold Ratio analysis reveals that the new iPhone 16 Pro costs 0.60 ounces of gold, which is 23% less than last year’s model, due to gold’s significant price increase of 30.8% over the past 12 months. This marks the third consecutive year of price stability for iPhones when measured in US dollars, but a substantial decrease when priced in gold. Compared to 2018, when an iPhone cost 1.13 ounces of gold, the current price represents a nearly 50% reduction.
The report highlights the contrast between gold’s purchasing power and fiat currency. While the iPhone’s price in US dollars has increased by 150% since 2007, resulting in an annual inflation rate of 5.5%, gold investors are getting more advanced technology for less gold each year. The article also provides a historical comparison of iPhone models, showcasing the technological advancements over the years.
