What $100 in 2004 was worth — measured in gold

The price of gold didn't get more expensive. The value of the Australian dollar fell.

90.4%

of the Australian dollar's value, gone — measured in gold, since 2004.
It now takes 10.4× more dollars to buy the same ounce.

In 2004, $100 bought 0.18 oz of gold at $554/oz. Held as metal, that same money is worth $1,040 at today's gold price of $5,761/oz (spot as of 2026-08-02).

Same $100. Three rulers.

Measure	$100 from 2004, today	Multiple
Official story — AU CPI (ABS via FRED)	$174	1.7×
Money created — M3 broad money	$463	4.6×
In gold — honest weight, valued today	$1,040	10.4×

The gap between 1.7× (CPI) and 4.6× (M3) is official inflation understating the money actually created. The gap between 4.6× and 10.4× (gold) is the flight to hard money — gold outrunning even the printing.

2004 in the fiat story

The mining boom made the AUD one of the world's strong currencies — against other fiat. Against gold, the debasement continued; the strength was relative, not absolute.

Try your own numbers

The In Gold calculator runs any amount and any year — AUD from 1971, or see 2004 in USD.

← $100 in 2003 $100 in 2005 →

Method. Gold weight = amount ÷ the gold price of that year; "today" figures rebase the same amount by CPI, money supply, and gold spot. Deterministic — no estimates, no models, no AI in the number path. Annual averages. Sources: FRED CPIAUCNS, FRED M2SL, MeasuringWorth, GoldAPI live spot. Not financial advice. In Gold — the calculator · API
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