In 1971, the US dollar was backed by gold. That is until President Richard Nixon disestablished that relationship. 

Since then, the US dollar has lost 87% of its value, meaning that one dollar buys only 12.5% of what it could back then. 

These figures were published on Sept 29, 2024. Today it is even worse. 
 
Multi billionaire Warren Buffet described gold as a ‘pet rock’ – good for nothing. Is that a realistic comment? 

Its fixed value in 1971 was US$35, it is now in the vicinity of US$4000. 
 
This week we tackle the whys and wherefores of gold with New Zealand Gold Merchants’ Tony Coleman. We look at its commercial value and use, the central banks, the geopolitics, and the trading of it. 

And finally, we dive into The Mailroom with Mrs Producer. 

File your comments and complaints at [email protected]

Haven't listened to a podcast before? Check out our simple how-to guide.

Listen here on iHeartRadio

Leighton Smith's podcast also available on iTunes:
To subscribe via iTunes click here

See omnystudio.com/listener for privacy information.