After More than 50 Years, Should the US Dollar Be Re-pegged to Gold? In 1971, United States (US) President Richard Nixon abandoned the Gold Standard and freed up the US dollar from being backed by a commodity. The dollar has been traded on the free market since then dollar to gold, slowly but surely becoming the most prominent legal tender in this world within this fifty-plus-year period. Today, the dollar is traded more than any other currency, and more than 60% of global foreign exchange reserves are in dollars . Nonetheless, the issue of whether the dollar should not have been separated from gold continues to pop up in public and private discourse. In most cases, this is less about the dollar’s performance and more about the economy of the US. The country has faced major incidents of economic downturn and subsequent inflation, fueled by catastrophes like the COVID-19 pandemic, leading to the dollar’s reduced purchasing power. Thus, it’s worth re-evaluating whethe...