Gold Tops Almost All Fiat Currencies In 2023

I regularly track how the prices of precious metals perform against the US dollar, the Euro, and 44 other national currencies, including currencies spent in 28 of the world’s 30 most populous countries. In 2023, 44 of these 46 currencies fell against the value of gold.

Only the Colombia peso, up 10.4% versus an ounce of gold in 2023, and the Mexico peso, up 1.2% to gold, outperformed gold.

Here’s how other national currencies and the Euro performed against an ounce of gold in 2023:

For example, at the end of 2022, it took 1,700.22 Euros to equal an ounce of gold; at the end of 2023, it took 1,870.35 Euros. Therefore, the value of the Euro declined by 9.1% versus an ounce of gold.

In 2024, I expect almost all fiat (paper) currencies will continue to decline versus gold.

The answer to last week’s numismatic trivia question.

Last week, I asked— Who was born in Virginia, was president of a country other than the United States of America, and appears on a gold coin? Joseph Jenkins Roberts (1809-1876) was a free-born African American Virginia native.

He emigrated from Africa in 1829 to (what is now) Liberia. In Liberia, he was a successful merchant. He served as the colony’s governor from 1841-1848. After Liberia gained independence in 1847, he was elected the nation’s first president from 1848-1856. He again served as Liberia’s president from 1872-1876. In 1977, Liberia issued a $100 gold coin to commemorate him. (Note: I lived in Liberia 1965-1966.)

This week’s trivia question

Here’s this week’s question, which should be an easy one. Who appears on a current US currency issue that was not born in what is now part of the United States of America? Come back next week for the answer.

Patrick A. Heller was honored as a 2019 FUN Numismatic Ambassador. He is also the recipient of the American Numismatic Association 2018 Glenn Smedley Memorial Service Award, 2017 Exemplary Service Award, 2012 Harry Forman National Dealer of the Year Award, and 2008 Presidential Award. Over the years, he has also been honored by the Numismatic Literary Guild (including twice in 2020), the Professional Numismatists Guild, the Industry Council for Tangible Assets, and the Michigan State Numismatic Society. He is the communications officer of Liberty Coin Service in Lansing, Mich., and writes Liberty’s Outlook, a monthly newsletter on rare coins and precious metals subjects. Past newsletter issues can be viewed at www.libertycoinservice.com. Some of his radio commentaries titled “Things You ‘Know’ That Just Aren’t So, And Important News You Need To Know” can be heard at 8:45 a.m. Wednesday and Friday mornings on 1320-AM WILS in Lansing (which streams live and becomes part of the audio archives posted at www.1320wils.com).