Good tweet here. Annual average earnings from work in the US bought 143 oz. of gold in 1959. There has been a steady decline ever since, until today when average annual earnings from work buy 34 oz. of gold.
That would indicate an almost 80% decline in real wages since 1959. Does that seem about right?
Update: Though it’s rich with irony that this is commentary largely from Wells-Fargo, it’s kind of related. BLS data, of course, to the extent it can be trusted at all tracks the more near term fluctuations, at least the data that is widely reported in the press. But gold points to a more worrisome longer term trend.