gold

The Weekly Watch

Fifty Years of Fiat

Open Thread Image.jpg

Since its founding in 1776, the United States has had a variety of monetary systems including bimetallic systems where the dollar was backed by both gold and silver (1792-1862), a fiat monetary system (1862-1879), a full gold standard (1879-1933), and a partial gold standard (1933-1971). From 1971 to present the United States has been on a fiat monetary standard. https://gold-standard.procon.org/history-of-the-gold-standard/ https://www.uscurrency.gov/history

August 15, 1971 - Richard Nixon Closes the Gold Window (1.3 min)

Brexit: Onward and Upward or Down and Out

(jjohnsit and Scizor99 have blogs on this story. My knowledge of EU banking, and British law are very limited. This is my first blog, please let me know if it could be improved or needs corrections)

I was not really expecting the referendum would win the vote. I’ll leave the analysis to the professional experts. This is what I could find to help me wade through the media fog of breathless “latest new thing” reporting.

US Terrorizes China; China Pulls the Golden Trigger.

All week I've been seeing references to this headline:

"China could announce that it holds 30,000 tons of gold to back the Yuan/Renminbi."

As a Forex trader, the story took me by surprise, even though China has been stockpiling for years, and is the world's largest gold producer. Also, it's not like China to pull this trigger so fast. However, in the South China Sea last week, the US started militarily terrorizing China with war ships and fighter jets — and China warned (in so many polite words) that the US planted the seeds of its own doom.

So, maybe that's what this is all about.