tag:blogger.com,1999:blog-2611021408437270881.post2587755062690199806..comments2024-03-18T23:59:39.885-07:00Comments on Skeptical CPA: Gold Goes MainstreamIndependent Accountanthttp://www.blogger.com/profile/07800220849565219709noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-2611021408437270881.post-20303382057419057752008-02-10T13:17:00.000-08:002008-02-10T13:17:00.000-08:00The dollar price of gold was $20.67 until 1933 whe...The dollar price of gold was $20.67 until 1933 when FDR devalued the dollar, raising gold's price to $35 and making it illegal for US citizens to own. The US has not been on a "true" gold standard since 1913, when the Fed was formed. That's why I started with 1913. Nixon "closed the gold window" to foreigners in 1971, setting the dollar free to "float" or "sink" as you choose. If you wish to start measuring the dollar's destruction from 1971, feel free.Independent Accountanthttps://www.blogger.com/profile/07800220849565219709noreply@blogger.comtag:blogger.com,1999:blog-2611021408437270881.post-44701083865396523932008-02-10T09:20:00.000-08:002008-02-10T09:20:00.000-08:00That's only about 4% annual growth since 1913. Bu...That's only about 4% annual growth since 1913. But the dollar was on the gold standard until 1971.<BR/><BR/>When Nixon took the dollar off the gold standard in 1971, gold was $35 per ounce. The current price of over $900 per ounce means more than 9% annual growth -- or, more accurately, 9% annual destruction of the value of the dollar.W.C. Varoneshttps://www.blogger.com/profile/17663570682958847976noreply@blogger.com