So while growth in the Fed's monetary base is overrated when it comes to currency values and inflation (base growth was the same in the '70s as it was in the '80s), the failure of the Nixon Treasury to clearly state its commitment to the Bretton Woods gold standard led to a falling unit of account.

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From 1947 through 1967, the year before the U.S. began to weasel out of its commitment to dollar-gold convertibility, unemployment averaged only 4.7% and never rose above 7%.

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Indeed, if the U.S. had steadfastly stuck to its commitment to redeem dollars for gold, there would have been little desire among dollar holders to redeem to begin with.

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Her undeniable magnetism can be attributed to various factors, but chief among them was a soprano voice of unmistakable individuality like a red-hot fire poker dipped in gold coupled with a commitment to dramatic intensity not seen on the operatic stage since well before World War II.

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Speculators added to their net-long gold position in the disaggregated commitment of traders report released by the Commodity Futures Trading Commission, but cut positions slightly in the legacy report.

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Jeffrey Nichols, managing director of American Precious Metals Advisors and senior economic advisor at Rosland Capital, said he expects gold to receive a boost on Wednesday as the Fed reaffirms its commitment to its quantitative easing measures.

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In addition to gold, speculators added to net long positions for silver in both the legacy and disaggregated weekly commitment of traders reports released by the U.S. Commodity Futures Trading Commission for the week ended Oct. 25.

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