The euro has lost more than 80 percent of its value measured in gold since its introduction in 1999, Bernhard Matthes, asset manager at Bank für Kirche und Caritas eG, said in an interview with Germany’s FAZ.
According to him, this is a consequence of the measures taken by central banks that implement an extremely loose monetary policy, so money is worth less, and the euro is the most exposed.
On January 4, 1999, 128 milligrams of gold could be obtained for one euro, and today only 23 milligrams. A similar example applies to the dollar, while the Swiss franc has lost two-thirds of its value, reports Fena.
The comparison with some products is also interesting. In 1906, a pint of beer at Oktoberfest cost 0.38 marks or 0.14 grams of gold, and at this year’s beer festival in Munich, 11.50 euros had to be allocated for beer, or 0.26 grams of gold, which is almost twice as much as 113 years ago, reports SEEbiz.
