Also, comparing gold @ ~$20/oz in 1913 to a dollar stuffed under a mattress in the same year is a bit of a false comparison. The Compounding the same $20 in 10year Tbonds (a decent 'risk free rate' starting in 1928 (the first year I could find data) would yield ~$679 in 2000 (outperforming gold by over 2x) and ~$1385 in 2012 (underperforming slightly, but with almost no volatility).