Dow Jones Still Far from Record When Priced in Gold

By Peter Schiff – SCHIFFGOLD 

The Dow Jones index hit record highs last week. But when you price the index in real money — gold — it remains far below record levels.

Last week, the Dow closed above 37,000 for the first time. On Friday, it set a record of 37,305. But during his podcast, Peter Schiff put that record into context.

If you take the price of gold at $2,000 an ounce, the Dow is priced at roughly 18.5 ounces of gold. That’s not even close to a record high. In 1966, the Dow was priced at about 20 ounces of gold.