What $100 in 2004 was worth — measured in gold

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

89.9%

of the US dollar's value, gone — measured in gold, since 2004.
It now takes 9.9× more dollars to buy the same ounce.

In 2004, $100 bought 0.24 oz of gold at $410/oz. Held as metal, that same money is worth $987 at today's gold price of $4,043/oz (spot as of 2026-08-02).

Same $100. Three rulers.

Measure	$100 from 2004, today	Multiple
Official story — CPI-U (BLS)	$177	1.8×
Money created — M2 money supply	$367	3.7×
In gold — honest weight, valued today	$987	9.9×

The gap between 1.8× (CPI) and 3.7× (M2) is official inflation understating the money actually created. The gap between 3.7× and 9.9× (gold) is the flight to hard money — gold outrunning even the printing.

2004 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 2004 in AUD.

← $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
1971 · The Australian story · Methodology · FAQ · Glossary · USD years · AUD years