{"id":5219,"date":"2011-08-15T21:30:01","date_gmt":"2011-08-16T01:30:01","guid":{"rendered":"http:\/\/www.pgm-blog.com\/?p=5219"},"modified":"2011-08-15T21:30:01","modified_gmt":"2011-08-16T01:30:01","slug":"august-15-2011-40th-anniversary-of-nixon-ending-gold-standard","status":"publish","type":"post","link":"https:\/\/www.pgmcapital.com\/nl\/august-15-2011-40th-anniversary-of-nixon-ending-gold-standard\/","title":{"rendered":"August 15 2011, 40th Anniversary Of Nixon Ending Gold Standard"},"content":{"rendered":"<p><object width=\"480\" height=\"390\" classid=\"clsid:d27cdb6e-ae6d-11cf-96b8-444553540000\" codebase=\"http:\/\/download.macromedia.com\/pub\/shockwave\/cabs\/flash\/swflash.cab#version=6,0,40,0\"><param name=\"allowFullScreen\" value=\"true\" \/><param name=\"allowscriptaccess\" value=\"always\" \/><param name=\"src\" value=\"http:\/\/www.youtube.com\/v\/iRzr1QU6K1o?version=3&amp;hl=en_US\" \/><param name=\"allowfullscreen\" value=\"true\" \/><embed width=\"480\" height=\"390\" type=\"application\/x-shockwave-flash\" src=\"http:\/\/www.youtube.com\/v\/iRzr1QU6K1o?version=3&amp;hl=en_US\" allowFullScreen=\"true\" allowscriptaccess=\"always\" allowfullscreen=\"true\" \/><\/object><\/p>\n<p>Dear <strong>PGM Capital<\/strong> blog readers,<br \/>\nToday August 15th 2011, is the 40th\u00a0anniversary\u00a0of President Nixon&#8217;s ending the Gold Standard and the end of the Bretton Woods international monetary system and the creation of modern FIAT currency.<\/p>\n<p>Nixon based his\u00a0decision\u00a0on the fact that too much gold was leaving the USA because France&#8217;s president\u00a0<a title=\"Charles de Gaulle\" href=\"http:\/\/en.wikipedia.org\/wiki\/Charles_de_Gaulle\">Charles de Gaulle<\/a>\u00a0was reducing France&#8217;s dollar reserves, trading them for gold.<\/p>\n<p>On August 15th 1971, the price of Gold was\u00a0approx.\u00a0<strong>USD 35.00<\/strong> an ounce and today, August 15th 2011, 40 years later Gold closed at <strong>USD 1,766<\/strong> an ounce as can be seen from below chart.<\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"http:\/\/www.goldcore.com\/sites\/default\/files\/editor\/goldcore_bloomberg_chart2_15-08-11.png\" alt=\"\" width=\"496\" height=\"217\" \/><\/p>\n<p style=\"text-align: left;\">When today exactly 40 years later, we watch ex president Nixon&#8217;s speech of August 15th 1971, what can we conclude?<\/p>\n<ul>\n<li>Did Nixon really protected and stabilized the USD by decoupling it from Gold?<\/li>\n<li>Were the so-called &#8220;International Money Speculators&#8221; wrong for selling the USD and converting their USD into Gold?<\/li>\n<li>Did the speech of Nixon marked a new beginning for the USD?<\/li>\n<\/ul>\n<div>Secondly, do you think that the current financial and debt crisis will lead us to a return to the Gold Standard?<\/div>\n<div>\n<ul>\n<li>If <strong>Yes,<\/strong> what do you think the price of Gold will be when it happens?<\/li>\n<li>If <strong>No,<\/strong> where do you think the price of Gold measured in USD, will be on August 15th 2016?<\/li>\n<\/ul>\n<div>I hope to have informed you satisfactorily and am looking forward to being at your service as usual.<\/div>\n<\/div>\n<div>Yours sincerely,<\/div>\n<div>Eric Panneflek<br \/>\nChairman<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Dear PGM Capital blog readers, Today August 15th 2011, is the 40th\u00a0anniversary\u00a0of President Nixon&#8217;s ending the Gold Standard and the end of the Bretton Woods international monetary system and the creation of modern FIAT currency. Nixon based his\u00a0decision\u00a0on the fact that too much gold was leaving the USA because France&#8217;s president\u00a0Charles de Gaulle\u00a0was reducing France&#8217;s<a href=\"https:\/\/www.pgmcapital.com\/nl\/august-15-2011-40th-anniversary-of-nixon-ending-gold-standard\/\">[&#8230;]<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,8,10,19,12,15,16,1,17,18],"tags":[],"class_list":["post-5219","post","type-post","status-publish","format-standard","hentry","category-commodities","category-debt-crisis","category-eric-panneflek","category-financial-news","category-inflation","category-pgm-capital","category-precious-metal","category-uncategorized","category-us-dollar","category-world-economic-outlook"],"_links":{"self":[{"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/posts\/5219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/comments?post=5219"}],"version-history":[{"count":0,"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/posts\/5219\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/media?parent=5219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/categories?post=5219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/tags?post=5219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}