The Biden Dollar

What does it signify that the dollar is within a hair of its record low of a 2074th of an ounce of gold that it hit in August 2020?

AP/Eric Gay, File
The basis of monetary value. AP/Eric Gay, File

What is gold trying to tell us? A year ago, the value of a dollar, measured in gold, began to climb. Then, as America went to the polls in November 2022, the dollar began to collapse. Was it the Democratic grasp on the Senate? The thinness of the GOP’s House majority? Did gold have an advance sense of the banking crisis? In any event, the dollar is within a hair of its record low of a 2074th of an ounce of gold that it hit in August 2020.

The Sun is among those who view the monetary metal as a kind of leading economic indicator. For evidence of that, consider how the dollar’s nadir served as an early warning sign of the price inflation that yet grips the economy. Throughout 2021, as prices soared, economic sages waved away the growing evidence of runaway price increases as merely “transitory.” Inflation only began to be taken seriously by the Fed and Treasury early in 2022. 

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