At the age of 83, I still remember when gold was $16 per ounce and $1 bills were redemmable in silver from the government of the U.S. Today, the price of gold is $1,616. The value of the dollar relative to gold is only 1 percent of what it was during the Great Depression. People are buying gold to protect their savings; the dollar has gone to pot. After FDR became president in the 1930s, gold was revaluated to $32 per ounce, later the U.S. went off of the gold standard.
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