by Gary Alexander
November 25, 2025
We keep speaking of a “strong dollar” or “weak dollar,” but all that dollar talk masks a clouded definition of up and down. Like Einstein’s Theory of Relativity, currencies are only strong relative to each other.
The U.S. Dollar Index (DXY), for instance, is heavily weighted in the euro (57.6%) yen (13.6%) and pound (11.9%), but the original definition of a dollar was in terms of grams or grains of gold. Until 1934, the dollar was worth about 1.5 grams of gold, then it was devalued to under one gram of gold, and now a dollar is worth less than 1% of a gram of gold, falling by over 99% since Nixon floated the dollar in 1973.
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