Created this using data obtained from Kitco regarding the yearly gold price, and the Adjusted Monetary Base from the St. Louis Fed. Unfortunately I don't have longer term data to work with, but the general point is that the historical average ratio implies a gold price at $2,000 per once, and a parity price implies ~$2,700 per ounce. It is currently hovering around $1,800 per ounce, implying that gold is still trading at a discount in US dollar terms.
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