The History of Gold
For centuries gold has protected the wealth of the world. Historically, gold was accepted as the medium of exchange in the marketplace and has proven to be a true store of value for more than 5000 years.
In 1944 the US dollar was established as the world's reserve currency via the Bretton Woods Agreement. The US government operated on a monetary system that was then backed by a gold standard pegging the US dollar to $35 per ounce of gold.
On August 15, 1971 President Richard Nixon signed an executive order removing the gold standard, birthing our modern-day fiat currency system. "Fiat" is defined as currency that a government has declared to be legal tender, but is not backed by a physical commodity. Since the late 19th Century fiat currency has been the accepted medium of exchange in many nations around the world. However, these national currencies have no inherent value in-and-of-themselves and have been rendered worthless many times throughout history.