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Has anyone thought about this, at least as a pay raise negotiation tactic?

Find the spot price of gold when you got hired. For me in Jan 2020 it was $1582 per oz.

Now take your annual pay and divide that by the spot price of gold when you got hired e.g. 100,000 / 1582 == 63.21 oz of gold per year.

Now get the current spot price of gold: $2720 per oz

Multiply the amount of gold you should be getting (63.21 oz) by the current price of gold: 63.21 * 2720 = $171,931.

In my case, I should be getting paid $171,931 per year based on the original amount I agreed to 5 years ago.

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