By Tim Iacono (Guest Post)
Forty years ago yesterday, President Richard M. Nixon “closed the gold window”, forever severing the link between paper money and precious metals, or so they thought at the time. I wonder what Milton Friedman would think today after the financial market turmoil and the remarkable rise in the gold price during the fourth decade after he thought freely floating fiat currencies would be such a good idea. With the gold price having risen from under $40 an ounce to over $1,800 an ounce during those four decades – an annualized gain of almost 15 percent per year – it…
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