What $100 in 2003 was worth — measured in gold

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

91.0%

of the US dollar's value, gone — measured in gold, since 2003.
It now takes 11.1× more dollars to buy the same ounce.

In 2003, $100 bought 0.28 oz of gold at $363/oz. Held as metal, that same money is worth $1,113 at today's gold price of $4,043/oz (spot as of 2026-08-02).

Same $100. Three rulers.

Measure	$100 from 2003, today	Multiple
Official story — CPI-U (BLS)	$182	1.8×
Money created — M2 money supply	$385	3.8×
In gold — honest weight, valued today	$1,113	11.1×

The gap between 1.8× (CPI) and 3.8× (M2) is official inflation understating the money actually created. The gap between 3.8× and 11.1× (gold) is the flight to hard money — gold outrunning even the printing.

2003 in the fiat story

The dot-com bust was answered with 1% interest rates, and the housing boom that followed was money creation by mortgage. Gold began its long climb off the 1999 low while the official story stayed calm.

Try your own numbers

The In Gold calculator runs any amount and any year — USD from 1913, or see 2003 in AUD.

← $100 in 2002 $100 in 2004 →

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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