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You're not taking inflation into account Albert Einstein.

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33,121 Posts.

1402

01/12/23

08:39

Post #: 71209690
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Originally posted by Hopeful Hitter: ↑

Seriously mate, learn some history.

"It is not generally known that until some 50 years ago, the gold price was essentially fixed. The link between the gold price and currency was finally severed in August 1971 and the gold price was then free to float, that is, it was no longer regulated. In December 1983, the Australian dollar was also free-floated and its exchange rate with other currencies was no longer fixed or managed."

"Since August 1971, the gold price has fluctuated considerably but has trended up over the last 50 years to peak at a record price in August 2020 before trending lower. In US dollar terms, the rise was well over 50-fold in 50 years, from US$35 per ounce to US$2,067 per ounce. In Australian dollar terms the rise has been even greater, from some A$31 per ounce to a peak of A$2,868 per ounce. The trend has obviously been upwards but volatile and such volatility usually reflects uncertainty – in economies and financial markets and in social and political unrest and upheaval, around the world"

Disclaimer: the above is not my publication.

50 fold in 50 years. That beats inflation any day of the week. The shit you post is downright wrong.

Don't forget also, Australia changed its currency in 1966.

Give it up

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You're not taking inflation into account Albert Einstein.
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