Gold vs T-bills
Since Jan 1972, $10,000 in gold grew to $938,913 (8.7% a year) and $10,000 in Treasury bills to $110,017 (4.5% a year). Try your own amount and dates, or add more assets.
Real monthly data through Sep 2026, updated monthly. How we calculate$10,000 put into gold in Jan 1996 is now worth
Gold came out on top, 5.3× Treasury bills, which reached $20,323. Just keeping up with prices needed $21,696, and 1 of 2 did better.
Full results by asset
| Asset | Worth now | Per year | Total return | Worst drop |
|---|---|---|---|---|
| Gold | $108,246 | 8.1% | 982% | −39% (Dec 2015) |
| T-bills | $20,323 | 2.3% | 103% | none |
What each line measures: Gold, gold monthly average price in US dollars per ounce; T-bills, interest on 3-month US Treasury bills, a stand-in for cash in a money market fund. Inflation uses the US Consumer Price Index. Monthly averages, data through Sep 2026; no fees or taxes. Past returns do not predict future returns.
Which has done better?
Over the whole period both have data, since Jan 1972, gold came out ahead with 8.7% a year against 4.5%. Over the last 10 years the lead went to gold. Starting dates matter: across all 537 10-year stretches in the data, gold beat Treasury bills 55% of the time.
| Period | Gold | T-bills |
|---|---|---|
| Last year | 17.7% | 3.7% |
| Last 5 years | 19.5% | 3.8% |
| Last 10 years | 12.5% | 2.4% |
| Last 20 years | 10.4% | 1.6% |
| Last 30 years | 8.4% | 2.3% |
| Since 1972 | 8.7% | 4.5% |
Yearly return, to Sep 2026. The higher one in each row is green.
Investing a little every month
$100 a month from Sep 2016 to Sep 2026 is 121 buys and $12,100 in total. In gold it would now be worth $29,303; in Treasury bills, $14,180. Monthly buying spreads the entry price, which matters most for the more volatile of the two.
Which is riskier?
The deepest fall from a high was 62% for gold, around Jul 1999, and 0% for Treasury bills, around Jan 1972. Gold asked more patience of its owners. These use monthly averages, so the worst single days were a little deeper.
What the numbers measure
- Gold: gold monthly average price in US dollars per ounce.
- T-bills: interest on 3-month US Treasury bills, a stand-in for cash in a money market fund.
No fees or taxes are included. Past returns do not predict future returns.
Common questions
Gold or T-bills: which has been the better investment?
Since Jan 1972, gold has returned more: 8.7% a year against 4.5% for Treasury bills. Over the last 10 years, gold came out ahead. Across every 10-year stretch in the data, gold beat Treasury bills 55% of the time, so the answer depends heavily on when you start.
Which is riskier, gold or Treasury bills?
By the deepest fall from a high, gold: gold dropped as much as 62% (around Jul 1999) and Treasury bills as much as 0% (around Jan 1972), using monthly averages.
How much would $10,000 in gold be worth today?
$10,000 put into gold in Jan 1972 would be worth about $938,913 by Sep 2026. The same money in Treasury bills would be about $110,017. Change the amount and dates in the calculator to see any period.
What if I invested monthly in gold or Treasury bills?
$100 a month from Sep 2016 to Sep 2026 adds up to $12,100. In gold it would now be about $29,303; in Treasury bills, about $14,180.
FatDCA comparisons are educational estimates, not investment, tax or legal advice.
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