The Propagation of a Myth

Myths and rumors are hard to kill. Take, for instance, this story that appeared in Money Week:

According to the Old Testament, during the reign of King Nebuchadnezzar, an ounce of gold bought 350 loaves of bread. If an ounce of gold today is about £450 and a loaf of bread about a pound, depending on where you shop, you can see that its purchasing power has been maintained. Yet in the UK, measured in bread, we’ve seen our pound’s purchasing power decline quite substantially - even if you shop in Gregg’s.

This story, as it is being told by people selling gold, is a myth. I have written a long post here discrediting this story, but the story keeps being circulated as a fact.

Cavit Emptor: if you are planning to invest in gold, do not allow this story to influence you in your decision.

Claude Mariottini
Professor of Old Testament
Northern Baptist Seminary

Tags: Gold, Myth