It marks 55 years since President Nixon ended the dollar’s convertibility into gold on August 15, 1971. What was called temporary became permanent, removing the final restraint on dollar creation and ushering in decades of rising debt, currency debasement, and greater dependence on credit.

Gold demand has cooled from earlier highs, particularly among ETF, jewelry, and retail buyers, but central banks and large OTC buyers continue accumulating. Meanwhile, the Federal Reserve remains caught between persistent inflation and an economy burdened by enormous debt.

Manipulation has also occurred in precious metals markets, but silver’s smaller, less liquid market makes it more vulnerable to short-term price distortions than gold.

The lesson of August 15 remains clear: governments and central banks can influence markets temporarily, but they cannot repeal monetary reality. Fifty-five years later, gold continues to measure confidence in the currencies governments create.

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