Money is supposed to be the quantifier of value for economic transactions. The dollar is supposedly a unit of measure like the quart or inch
or pound. But the advent of the Federal Reserve system in 1912 changed that. The value of a dollar is now relative to a variety of economic factors too numerous
The gold standard was a means to keeping the unit of measure constant. Oddly enough, the economic value of gold hasn’t changed all that
much. Or, at least not as much as that of the dollar. Precious metals is one of the few places a person can put his assets with any assurance of retaining the
current economic value of his wealth.
In 1970 you could get a new car for $2000 or 56 ounces of gold. Today that much gold would get you a car with a $69,000 price tag.
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