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Skol

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06/05/16

17:03

Post #: 17698553
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Originally posted by petg ↑

The dollar was backed by gold until America’s president of the day, Franklin Roosevelt, stepped in with a currency-devaluation scheme that effectively turned the hard dollar into a fiat dollar … which is why Homestake Mining raced sharply higher between 1932 and 1934.
One dollar invested in the Dow just before the Great Depression ravaged the economy fell to less than $0.50 by 1935. That same dollar invested in Homestake Mining, a good proxy for gold, soared to more than $5.50.

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The price of gold was more than $5 in 1933. Your chart is a complete cock-up.

Last edited by Skol: 06/05/16
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0 Great analysis

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