I paid $39.95 in 1963. A decent monthly salary at that time was $500.00. You could still get a burger, fries and a coke for 25 cents. Milk was 65 cents a gallon. Gas was about 30 cents a gallon. You could buy a '62 Chevy 409 cu in.(about 6.5 liters), 425HP, 3 sequential two barrel carbs, for about $3,000.00. A Ferrari cost about $10,000.00. A dorm room at A&M was $90.00 a semester, tuition was $50.00 a semester, and a meal ticket (3 meals a day from Sbisa or Duncan) was $45.00 a month.
The price of gold was fixed at $32 an ounce at that time. This was because the U.S. government would sell gold to anyone for $32 an ounce. I believe it was illegal at that time for a U.S. citizen to own gold, but I may be wrong.
Then some West Germany banks got together and said they would buy all of our gold in Fort Knox.
Rather than do this, the government then allowed the price of gold to fluctuate based on the market. As I recall it reached a high of about $800 an ounce in the early eighties, then went back down to around $270 an ounce as late as 2003.
It is now about $1,900 an ounce and I am not surprised that the price of a ring right now is $935.
Have you priced a gold dental crown lately?
Here is the question--what weighs more, an ounce of gold or an ounce of sugar? [they are not the same]
[This message has been edited by Jim Benson 63 (edited 9/7/2010 3:20p).]