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History of gold

Gold and currencies

In 1999, the European Union introduced its new currency, the euro, with the aim to promote economic stability and growth.

Gold versus euro since 1999

A graph which compares the valuation of the euro to gold from the year 2000 to 2020. In an unusual manner, gold's value is not shown in any currency. Instead the euro's value is shown in gold. Therefore gold is shown in a straight line on 0%. The euro has lost >85% of it's value in gold.

However, in just over twenty years, the euro has lost 85% of its value against gold.

Yet is the euro a unique case?

Gold versus multiple currencies since 1999

A graph which compares the valuation of the most important international currencies to gold from the year 2000 to 2020. In an unusual manner, gold's value is not shown in any currency. Instead the currencies' values are shown in gold. Therefore gold is shown in a straight line on 0%. All currencies have lost >75% of their value in gold. The currencies in the graph are euro, US Dollar, Swiss franc, British pound and Japanese yen.

History shows that since 1999, all other major currencies have performed as poorly as the euro.

Yet what happened before 1999?

Gold versus US dollar since 1920

A graph which compares the valuation of the US dollar to gold from the year 1920 to 2020. In an unusual manner, gold's value is not shown in any currency. Instead the US dollar's value is shown in gold. Therefore gold in a straight line on 0%. The US dollar has lost >99% of it's value in gold.

Historically, fiat currencies seem to be very weak and do not store value well in the long term. The US dollar has not kept its value over the past 100 years since it has lost 99% of its value against gold. Or in other words: In 1920, $1 would buy 1.51 grams of gold; in 2020, the purchasing power of $1 was no more than 0.016 grams of gold.

Historical references

For thousands of years and all across the globe, gold has been valued. Here are some examples:

  • Gold was discovered in ancient Paleolithic caves.
  • Ancient Egyptians considered gold as the skin of the gods, highlighting its divine and indestructible aspects.
  • There are 417 mentions of gold in the Bible, and most of them refer to "money" as a unit of weight in gold.
  • The first gold coins date back to around 650 BC.
  • The Aztecs believed gold was the sweat of the sun and that it was literally falling down to the Earth.

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