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The abandonment of the gold standard during World War I allowed countries to print money to fund the war, which would not have been possible if they adhered to gold's discipline. This shift marked the beginning of the end for Europe's dominance.

The Wall Street crash and subsequent deflation forced most countries off the gold standard in the 1930s, except for the United States. Roosevelt's New Deal made it illegal for Americans to own gold.

In 1971, America came off the gold standard due to excessive spending on the Vietnam War and President Johnson's welfare programs. This led to a situation where the US didn't have enough gold to back the dollars it had printed.

China is accumulating gold and may have more than the U.S., which hasn't had a public audit of its gold reserves. This raises questions about the quality of U.S. gold and the strategic moves of countries like China and Russia.

The US dollar serves as the world's primary reserve currency, used in major international trade and held by central banks globally. This status gives America significant power.

The bottom line is the run-up in gold is essentially an indictment against the U.S. because gold is sold. Also dollars.

Every great empire, from the Greeks to the Romans to the British, has had its currency serve as the global reserve. Currently, the US holds this position, but China's rise could challenge it.

The US dollar's strength is attributed to its central role in the global financial system, but this position is threatened by the ability to invalidate holdings in dollars.

The US dollar's strength is partly due to its central role in the global financial system, but this has also led to industrial decline.