Want to know how much value your money has lost against gold since 2002?

The chart below says it all:

We can see that:

• The Russian ruble has been hit the hardest having lost close to 95% of its value versus gold.
• The Swiss franc has somewhat held up and “only” devalued by about 70% against gold.
• The rest of the currencies have been decreasing in unison and lost around 80% of their value.

So, according to this chart, gold emerges as a clear winner in the “battle” against fiat currencies.

What are fiat currencies again?

It is a government-issued currency that is not supported by any physical commodity, like gold or silver, but rather by the government that issued it.

A system of national fiat currencies has been used globally since 1971. (What happened in 1971? See the answer here.)

And why are they losing value?

In the current monetary system, fiat currencies can theoretically be printed without limitation, like we’ve seen over the past year, which can greatly decrease their value, and in turn, cause inflation.

And what safe-haven asset has been historically used as a hedge against inflation?