Gold was once a stable backing for many world currencies. A little more than 50 years ago, the U.S. dollar itself was backed by gold and was fixed at a value of about $35 per troy ounce. In 1971, currency inflation, economic competitiveness, and other factors moved then-President Richard Nixon to decouple the U.S. dollar from gold, making the dollar a pure fiat currency. Today, one ounce of gold costs roughly $2,700, and gold is currently at or near its highest value ever in relation to most world currencies.