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mervs68
mervs68
Posts : 181
Join date : 2021-07-04
Age : 69
Location : Craigavon

5oth Anniversary of Gold/Dollar peg Empty 5oth Anniversary of Gold/Dollar peg

Sun Aug 15, 2021 11:26 am
15 August 2021 marks, the 50th anniversary of President Nixon closing the "gold window" and the beginning of the end of the Bretton Woods Agreement.
Although not exactly an official gold standard, the Bretton Woods Agreement had made the U.S. dollar the world's reserve currency. Gold became pinned to the U.S. dollar at $35 an ounce. With rising inflation worldwide, countries began offsetting U.S. dollars for gold and thus putting U.S. solvency at risk. President Nixon was compelled to decouple the U.S. dollar from gold.
Almost immediately Gold went from a global currency to a regular commodity. Through the last 50 years, Gold has remained an important asset in global financial markets and a validated store of value for individuals.
Although unlikely that a new gold standard will emerge, many financial analysts don't rule it out.
"For thousands of years, gold was used as a currency, and we are talking about only the last 50 years," said Thorsten Polleit, chief economist at Degussa. "I think it would be unwise to think that we can rely on unbacked paper currencies forever."
Have a great weekend Gold bugs 😁👌

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mervs68
mervs68
Posts : 181
Join date : 2021-07-04
Age : 69
Location : Craigavon

5oth Anniversary of Gold/Dollar peg Empty Re: 5oth Anniversary of Gold/Dollar peg

Sun Aug 15, 2021 5:01 pm
To PUT this in perspective:
In GBP terms – GOLD 1970 – 16th January =£14.477
GOLD 2021 – 15 August 2021 @£1283 = ALL TIME CHANGE OF + 8760.66 %!!!
RETURN = 170 % PER YEAR OVER 51. 5 Years.

In $USD terms GOLD January 1970 LOW $34.75
GOLD 15th August 2021 @ $1773.85 =ALL TIME CHANGE OF + 5001.67 %
RETURN = 97.1 % PER YEAR OVER 51.5 YEARS.
Who says GOLD doesn’t pay……

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