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Jim Rickards: A new gold standard -- orderly or chaotic?
By Jim Rickards
The Daily Reckoning, Baltimore
Tuesday, October 20, 2020
Before 1914 the global monetary system was based on the classical gold standard. But over the past century monetary systems change about every 30 to 40 years on average.
Sure enough, 31 years after the end of the classical gold standard, in 1945, a new monetary system emerged at Bretton Woods. The dollar was officially designated the world's leading reserve currency -- a position that it still holds today.
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Under that system, the dollar was linked to gold at $35 per ounce. But 25 years later, in 1971, President Nixon ended the direct convertibility of the dollar to gold. For the first time, the monetary system had no gold backing.
Today the existing monetary system is nearly 50 years old, so the world is long overdue for a new monetary system. Gold should once again play a leading role. It may be the only asset that can anchor the international monetary system in these troubled times. But the gold price will be much, much higher.
I've written and spoken publicly for years about the prospects for a new gold standard. My convictions have only gotten stronger since the coronavirus and the monetary chaos it generated.
My analysis is straightforward…
International monetary figures have a choice. They can reintroduce gold into the monetary system either on a strict or loose basis (such as a "reference price" in monetary policy decision making). ...
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