Peter Schiff links President Nixon’s 1971 decision to abandon dollar-to-gold convertibility to the dollar’s current struggles. Fifty-five years later, gold has risen from $35 to $4,418 per ounce, while the dollar’s purchasing power has fallen to 12 cents and consumer prices have climbed 718 %. US federal debt reached $39.93 trillion and central banks bought 289 tonnes of gold in Q2, up 62% year-over-year. The dollar still holds 57.13% of global foreign exchange reserves, but Schiff argues the world is leaving the dollar standard with profound consequences ahead. Strategist Jeff Currie maintains a long-run target of $10,000 per ounce for gold.
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