What is money?
Money is often thought of as being one in the same as currency. This could not be further from the truth.
Money has long been a store of wealth whereby you can convert your hours worked for money and you can in turn convert that money into goods and services.
Prior to 1971, money maintained a fairly constant value because all money was tied to gold and gold had a limit to how much could be produced because of the scarcity and difficulty of the mining process to extract it from the earth.
Since 1971, when President Nixon took the United States off of the gold standard, the value of money has been decreasing exponentially.
In 1986 a big Mac would’ve cost you $1.60. Today, that same $1.60 will only buy you one third of a big Mac. This example shows that in 20 years the dollar has lost two thirds of its value.
In 1986 that big Mac would have cost .13 ounces of gold and today that same big Mac will cost you. 13 ounces of gold.
You tell me what the best store of wealth is……. Gold or fiat money?