From Spencer Jakab of the WSJ: “On this day in 1944, the Bretton Woods Agreement was signed in New Hampshire, pegging major foreign currencies to the U.S. dollar, fixing the gold price at $35 per ounce, and laying the groundwork for the International Monetary Fund and the World Bank.”
Your Survival Guy spends a lot of time in that neck of the woods. Here’s what gold has done since then. Save ‘til it hurts because you never know what government will do next.
The Bretton Woods system would last for two decades before it began to really come off the rails in 1967, and ultimately was scrapped by Nixon in 1971. Since then, the dollar’s value has crumbled.
Action Line: The declining dollar, no longer pegged to gold, has led to generations of inflation eroding savings and making it harder to retire. When you want to talk about the effects of inflation on your retirement and gold in your portfolio, email me at ejsmith@yoursurvivalguy.com. And click here to subscribe to my free monthly Survive & Thrive letter.
Originally posted on Your Survival Guy.
