"1,000 songs in your pocket." With those six words, Steve Jobs introduced the iPod on October 23, 2001, just six weeks after the September 11 attacks had left America reeling. The $399 device seemed like an extravagance in uncertain times — a Mac-only music player in a world of cheap CD players and emerging MP3 devices.
Critics were skeptical. "No wireless. Less space than a Nomad. Lame." read one infamous Slashdot comment. But Apple had cracked something fundamental: the iPod wasn't just about specifications. It was about the experience — the scroll wheel, the seamless iTunes integration, the satisfying click.
The iPod went on to sell over 450 million units across its various models. It transformed the music industry, killed the CD, and most importantly, it set Apple on a trajectory that would lead to the iPhone, the App Store, and ultimately becoming the world's most valuable company.
In October 2001, gold was trading around $283 per ounce — one of its lowest points in decades. Your $399 would have bought approximately 1.41 ounces. Gold was deeply unfashionable in 2001; the dot-com boom had made everyone believe in technology stocks, not ancient metals. But what followed was a 20+ year bull run for gold.
The iPod is now a nostalgia piece — Apple discontinued the last model in 2022. But the gold you could have bought instead has been on a remarkable journey from under $300 to heights that would have seemed absurd in 2001. Sometimes the boring investment is the brilliant one.