by Mickey Fulp
A Monday Morning Musing from Mickey the Mercenary Geologist
In last week’s musing, I documented the history of gold, silver, and the US dollar from the establishment of a national monetary system in 1792 until abandonment of the gold standard in 1971.
Today, I will document the modern-day paradigm that began in August of 1971 when Nixon ended conversion of US dollars into gold by foreign governments. Two additional devaluations of the greenback followed in 1972 and 1973.
From that point, US dollar prices of gold and silver have floated freely in all precious metals markets including physical bullion, paper instruments, and derivatives such as futures and options.