[en] By observing mergers of compact objects, future gravity wave experiments would measure the luminosity distance to a large number of sources to a high precision but not their redshifts. Given the directional sensitivity of an experiment, a fraction of such sources (gold plated) can be identified optically as single objects in the direction of the source. We show that if an approximate distance-redshift relation is known then it is possible to statistically resolve those sources that have multiple galaxies in the beam. We study the feasibility of using gold plated sources to iteratively resolve the unresolved sources, obtain the self-calibrated best possible distance-redshift relation and provide an analytical expression for the accuracy achievable. We derive the lower limit on the total number of sources that is needed to achieve this accuracy through self-calibration. We show that this limit depends exponentially on the beam width and give estimates for various experimental parameters representative of future gravitational wave experiments DECIGO and BBO.