US Gold Dollar's Demise Foreshadows Potential Reversal
The US Gold Dollar was temporarily suspended on August 15, 1971, after President Nixon announced that foreign central banks could no longer redeem their dollars for gold at the official rate of $35 per ounce. This move marked a significant turning point in monetary history and had far-reaching consequences.
Today, the price of gold stands at $4,376 per ounce, representing a 99.2% decline in the value of US dollars compared to gold since 1971. Paul Volcker, who would later become Federal Reserve Chairman, was instrumental in driving this policy change as David Rockefeller's former personal assistant.
The devaluation of the dollar has had lasting impacts on global markets and economies, leading some to speculate that a return to a gold-backed currency may be inevitable.