The purchasing power of gold is almost perfectly flat (stable, slightly negative) over 50 years compared to the M2 money supply.
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FEB 1973 M2: $810 Billion
FEB 2023 M2: $21,099 Billion
Duration: 50 years
CAGR: 6.74%
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FEB 1973 Gold: $86
FEB 2023 Gold: $1,853
Duration: 50 years
CAGR: 6.33%
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Gold CAGR vs. M2: -0.1% to -0.4%
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Sources:
- https://fred.stlouisfed.org/series/M2NS
- https://sdbullion.com/gold-prices-1973
- https://www.investing.com/commodities/gold-historical-data