Yearly Gold Adjusted for M2

Yearly Gold Adjusted for M2

This chart is updated once a year in February.

M2 is a money supply figure published by the Federal Reserve. All money supply figures are controversial because people do not all agree on what should be included. Nevertheless, this chart is a look at the price of gold adjusted for the amount of money available, as measured by M2. It is calculated by multiplying each gold data point by most current M2 figure and dividing by the M2 figure at the time of the data point. Hence, the nominal and adjusted values for gold are equal in the current year.

Money supply figures and their definitions are available on the website for the Federal Reserve Bank of St. Louis. Data for the price of gold comes from the daily London Fix and is available on Kitco's website.

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