Median Gold Valuation as of 6/1/23: $3,969/60 USD / troy oz

Median Silver Valuation as of 6/1/23: $180.05 USD / troy oz

Ounce of Gold for Men's Suit

It is often stated that throughout history, one troy oz of gold could buy you one men's suit. This idea gets at the notion that gold (and silver) provides constant purchasing power.

The quality of suit is important here, because prices of suits range considerably from less than $100, to over $1,000, and even more if tailoring is needed (and not included in the purchase price).

We will assume by "suit" we mean a "men's fine suit", becuase it is not remarkable if one troy oz of gold can buy a cheap suit. We will also assume that tailoring costs extra.

We examined men's suit prices on popular clothing sites such as Jos. A. Bank, Men's Warehouse, Brooks Brothers, Macy's, Indochino, Nordstrom, Calvin Klein, Amazon, and some others. We sorted prices from High to Low, and used the High prices. If any of these suits were currently on sale, we used the regular price. Note that even these High prices showed considerable variation between brands.

Using the median of these prices, and then adding an extra $100 for tailoring, we arrive at a valuation for gold of $1,145 / troy oz.

It probably is worthwhite to do similar valuations by considering a "basket" of many goods and services instead of focusing on one item (men's suit).



Disclaimer: We do not provide personal investment advice and we are not qualified licensed investment advisors. We are amateur investors. All information found here, including any ideas, opinions, views, valuations, predictions, forecasts, commentaries, suggestions, expressed or implied herein, for gold and silver or for anything else, are for informational, entertainment, or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. We will not and cannot be held liable for any actions you take as a result of anything you read here. Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions.