Louis Woodhill doesn't get there by the same rule, but he's in the same ballpark in this story from May 2012, when the average price of gold was $1,586:
[I]t only makes sense that the gold price be set by the application of a rule, and not via discretion exercised by “experts”.
It is possible to imagine catastrophic consequences to setting the value of the dollar in terms of either a gold price of $800 or $1600/oz. In The Golden Constant, Roy Jastram argued that, over time, gold maintains its value in terms of the general price level. If Jastram is correct (and he may well be), the gold price that would be consistent with today’s general price level would be around $225/oz.
Based on the average price of silver in May 2012, twelve times that yielded $343 gold.
