With Europe at war and off the gold standard, the United States — still neutral and still on gold at $20.67 — became the world's safe harbor. European nations shipped vast quantities of gold across the Atlantic to pay for American munitions and grain. The flow transformed the US from a debtor into the world's leading creditor and laid the foundation for the dollar's eventual rise. Gold's price held fixed, but its center of gravity moved decisively to New York.
Gold Price History · Interwar Chaos
1915
War Gold Flows West
As Europe fought, its gold poured into a neutral United States, making New York the world’s creditor.
- Average price
- $21/oz
- In 2025 dollars
- $683/oz
- Change on the year
- +0.0%
- After inflation
- −0.5%
1915 in context · real value, 1895–1935
What would $10,000 of gold be worth today?
Our five-asset comparison begins in 1928, the first year with continuous data for every asset — run the numbers from there.
Calculate from 1928 →Related years
Sources. Gold price: Officer & Williamson, The Price of Gold, 1257–Present (annual average); inflation adjustment by US CPI (BLS / Officer & Williamson). Asset comparison from the calculator dataset. Figures are annual averages. Full methodology →