Hello, again! – The iPhone/Gold Ratio 2025

The past 12 months have been more turbulent than Tim Cook, Apple's CEO, would have liked. Donald Trump's controversial and erratic tariff policy has also had a major impact on Apple. Surprisingly, however, the tariffs have not led to a price increase in US dollars. The price of the iPhone 17 Pro Max with 1 TB of storage is USD 1,599, the same as last year. Gold investors, on the other hand, are delighted with the cheapest iPhone ever. The iPhone 17 Pro Max with 1 TB of storage costs just 0.46 ounces of gold. In 2022, 0.87 ounces of gold had to be paid, in 2023 0.78 ounces, and in 2024 0.64 ounces. Compared to the iPhone XS, which was by far the most expensive iPhone in gold terms, costing a hefty 1.13 ounces of gold in 2018, the price decline is almost 60%. The reason for this price decline is obvious. As of the end of August, gold rose by 37.8% on a US dollar basis compared to the previous year, and by 80.2% compared to 2023.