Loading ...I wonder what currency they would use to start with. If Russian Rubles, gold is 91% higher than 5 years ago. I assume they have to convert rubles first. All commodities are priced in dollars. So they need 63.6 Rubles to buy a dollar, then pay $1,272 for the ounce. So they need 80,900 Rubles to buy an ounce.
Average Russian wage according to official statistics is 26628 rubles per month in 2013. Please note that these wage is distributed very unequally among different groups of people, among different regions. About 1/3 ounces per month?
Average Americans earn about $4000/month or 3.14 ounces per month.
I did this fast, maybe somebody else should check it. Bottom line gold looks too expensive for foreigners to buy, until THEIR currencies go up and ours goes down.