Race to Debase - 2011 Q4 - Fiat Currencies vs Gold & Silver

goldsilver.com
JANUARY 04, 2012

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Welcome back to the Worldwide Fiat Currency Race to Debase!

For 2011 gold averaged a positive 14.3% appreciation versus 75 different fiat currencies throughout the world.

The year's biggest fiat currency loser to gold was the Turkish Lira down 35.3% followed closely by the South African Rand losing 34.0% to gold.

Every single one of the 75 fiat currencies lost value to gold in 2011.

Base Currency vs. 1 Gold Ounce	1-Jan-2011	31-Dec-2011	% Gold +/- 2011
Afghanistan Afghanis	61,158	75,531	23.5%
Albania Leke	148,940	168,101	12.9%
Algeria Dinars	104,548	115,516	10.5%
Argentina Pesos	5,642	6,725	19.2%
Australia Dollars	1,389	1,531	10.2%
Bahamas Dollars	1,421	1,563	10.0%
Bahrain Dinars	536	589	10.0%
Bangladesh Taka	100,212	127,835	27.6%
Barbados Dollars	2,843	3,126	10.0%
Bermuda Dollars	1,421	1,563	10.0%
Brazil Reais	2,359	2,911	23.4%
Bulgaria Leva	2,081	2,362	13.5%
CFA BEAC Francs	696,322	791,233	13.6%
Canada Dollars	1,418	1,597	12.6%
Chile Pesos	664,883	811,978	22.1%
China Yuan Renminbi	9,369	9,839	5.0%
Colombia Pesos	2,722,077	3,029,385	11.3%
Comptoirs FranÃ§ais Francs	126,675	143,941	13.6%

Base Currency vs. 1 Gold Ounce	1-Jan-2011	31-Dec-2011	% Gold +/- 2011
Costa Rica Colones	715,132	788,922	10.3%
Croatia Kuna	7,844	9,094	15.9%
Czech Republic Koruny	26,558	30,882	16.3%
Denmark Kroner	7,913	8,960	13.2%
Dominican Republic Pesos	52,878	60,181	13.8%
East Caribbean Dollars	3,838	4,221	10.0%
Egypt Pounds	8,252	9,424	14.2%
Euro	1,062	1,206	13.6%
Fiji Dollars	2,632	2,846	8.1%
Hong Kong Dollars	11,049	12,143	9.9%
Hungary Forint	295,818	379,759	28.4%
IMF Special Drawing Rights	923	1,018	10.3%
Iceland Kronur	163,538	191,361	17.0%
India Rupees	63,539	82,941	30.5%
Indonesia Rupiahs	12,793,050	14,177,771	10.8%
Iran Rials	14,645,199	17,390,044	18.7%
Iraq Dinars	1,658,832	1,828,104	10.2%
Israel New Shekels	5,043	5,970	18.4%
Jamaica Dollars	120,397	133,727	11.1%

Base Currency vs. 1 Gold Ounce	1-Jan-2011	31-Dec-2011	% Gold +/- 2011
Japan Yen	115,351	120,542	4.5%
Jordan Dinars	1,006	1,108	10.1%
Kenya Shillings	114,427	132,790	16.0%
Kuwait Dinars	400	435	8.8%
Lebanon Pounds	2,132,175	2,351,020	10.3%
Malaysia Ringgits	4,384	4,954	13.0%
Mauritius Rupees	42,359	45,175	6.6%
Mexico Pesos	17,571	21,802	24.1%
Morocco Dirhams	11,842	13,404	13.2%
New Zealand Dollars	1,821	2,010	10.4%
Norway Kroner	8,273	9,345	13.0%
Oman Rials	547	602	10.0%
Pakistan Rupees	121,690	140,605	15.5%
Peru Nuevos Soles	3,987	4,215	5.7%
Philippines Pesos	62,032	68,466	10.4%
Poland Zlotych	4,209	5,374	27.7%
Qatar Riyals	5,175	5,692	10.0%
Romania New Lei	4,541	5,210	14.7%
Russia Rubles	43,322	50,021	15.5%

Base Currency vs. 1 Gold Ounce	1-Jan-2011	31-Dec-2011	% Gold +/- 2011
Saudi Arabia Riyals	5,331	5,862	10.0%
Singapore Dollars	1,826	2,027	11.0%
South Africa Rand	9,424	12,630	34.0%
South Korea Won	1,592,877	1,810,284	13.6%
Sri Lanka Rupees	157,696	180,279	14.3%
Sudan Pounds	3,551	4,176	17.6%
Sweden Kronor	9,554	10,794	13.0%
Switzerland Francs	1,328	1,467	10.4%
Taiwan New Dollars	41,421	47,324	14.3%
Thailand Baht	42,672	49,310	15.6%
Trinidad and Tobago Dollars	9,012	9,926	10.1%
Tunisia Dinars	1,992	2,339	17.4%
Turkey Lira	2,185	2,957	35.3%
United Arab Emirates Dirhams	5,221	5,741	10.0%
United Kingdom Pounds	911	1,007	10.6%
United States Dollars	1,421	1,563	10.0%
Venezuela Bolivares Fuertes	6,112	6,722	10.0%
Vietnam Dong	27,711,168	32,873,044	18.6%
Zambia Kwacha	6,794,531	7,995,512	17.7%

Welcome back to the Worldwide Fiat Currency Race to Debase!

Silver's 2011 performance was extremely volatile peaking in late April. Silver's peak and subsequent drop in price mirrored what we witnessed in its 2008 price action when the silver spot price dropped +50% peak to trough intra-year.

For 2011 silver averaged a loss of 6.8% versus 75 different fiat currencies throughout the world. The year's biggest fiat currency loser to silver was the Turkish Lira down 10.3% followed closely by the South African Rand losing 9.2% to silver.

Eight of the 75 fiat currencies we track lost value to silver in 2011.

Base Currency vs. 1 Silver Ounce	1-Jan-2011	31-Dec-2011	% Silver +/- 2011
Afghanistan Afghanis	1,329.80	1,338.46	0.7%
Albania Leke	3,238.49	2,978.86	-8.0%
Algeria Dinars	2,273.25	2,047.02	-10.0%
Argentina Pesos	122.67	119.17	-2.9%
Australia Dollars	30.21	27.14	-10.2%
Bahamas Dollars	30.91	27.70	-10.4%
Bahrain Dinars	11.65	10.44	-10.4%
Bangladesh Taka	2,178.98	2,265.32	4.0%
Barbados Dollars	61.82	55.40	-10.4%
Bermuda Dollars	30.91	27.70	-10.4%
Brazil Reais	51.29	51.59	0.6%
Bulgaria Leva	45.24	41.86	-7.5%
CFA BEAC Francs	15,140.58	14,021.15	-7.4%
Canada Dollars	30.84	28.30	-8.2%
Chile Pesos	14,456.98	14,388.77	-0.5%
China Yuan Renminbi	203.71	174.35	-14.4%
Colombia Pesos	59,187.86	53,682.60	-9.3%
Comptoirs FranÃ§ais Francs	2,754.37	2,550.73	-7.4%

Base Currency vs. 1 Silver Ounce	1-Jan-2011	31-Dec-2011	% Silver +/- 2011
Costa Rica Colones	15,549.56	13,980.19	-10.1%
Croatia Kuna	170.55	161.16	-5.5%
Czech Republic Koruny	577.46	547.26	-5.2%
Denmark Kroner	172.07	158.78	-7.7%
Dominican Republic Pesos	1,149.76	1,066.45	-7.2%
East Caribbean Dollars	83.45	74.79	-10.4%
Egypt Pounds	179.42	167.00	-6.9%
Euro	23.08	21.38	-7.4%
Fiji Dollars	57.24	50.43	-11.9%
Hong Kong Dollars	240.24	215.18	-10.4%
Hungary Forint	6,432.16	6,729.58	4.6%
IMF Special Drawing Rights	20.07	18.04	-10.1%
Iceland Kronur	3,555.91	3,391.03	-4.6%
India Rupees	1,381.57	1,469.76	6.4%
Indonesia Rupiahs	278,167.50	251,239.00	-9.7%
Iran Rials	318,439.97	308,162.50	-3.2%
Iraq Dinars	36,069.05	32,395.15	-10.2%
Israel New Shekels	109.66	105.80	-3.5%
Jamaica Dollars	2,617.87	2,369.74	-9.5%

Base Currency vs. 1 Silver Ounce	1-Jan-2011	31-Dec-2011	% Silver +/- 2011
Japan Yen	2,508.14	2,136.09	-14.8%
Jordan Dinars	21.88	19.64	-10.3%
Kenya Shillings	2,488.05	2,353.11	-5.4%
Kuwait Dinars	8.69	7.71	-11.3%
Lebanon Pounds	46,361.25	41,661.54	-10.1%
Malaysia Ringgits	95.33	87.78	-7.9%
Mauritius Rupees	921.04	800.53	-13.1%
Mexico Pesos	382.05	386.35	1.1%
Morocco Dirhams	257.48	237.53	-7.7%
New Zealand Dollars	39.60	35.63	-10.0%
Norway Kroner	179.88	165.60	-7.9%
Oman Rials	11.90	10.66	-10.4%
Pakistan Rupees	2,645.99	2,491.62	-5.8%
Peru Nuevos Soles	86.70	74.69	-13.8%
Philippines Pesos	1,348.80	1,213.26	-10.0%
Poland Zlotych	91.53	95.23	4.0%
Qatar Riyals	112.53	100.87	-10.4%
Romania New Lei	98.74	92.32	-6.5%
Russia Rubles	941.98	886.40	-5.9%

Base Currency vs. 1 Silver Ounce	1-Jan-2011	31-Dec-2011	% Silver +/- 2011
Saudi Arabia Riyals	115.91	103.88	-10.4%
Singapore Dollars	39.70	35.91	-9.5%
South Africa Rand	204.92	223.82	9.2%
South Korea Won	34,634.94	32,079.37	-7.4%
Sri Lanka Rupees	3,428.88	3,194.66	-6.8%
Sudan Pounds	77.21	74.00	-4.2%
Sweden Kronor	207.74	191.27	-7.9%
Switzerland Francs	28.88	26.00	-10.0%
Taiwan New Dollars	900.64	838.62	-6.9%
Thailand Baht	927.84	873.80	-5.8%
Trinidad and Tobago Dollars	195.95	175.89	-10.2%
Tunisia Dinars	43.32	41.45	-4.3%
Turkey Lira	47.52	52.41	10.3%
United Arab Emirates Dirhams	113.53	101.74	-10.4%
United Kingdom Pounds	19.80	17.84	-9.9%
United States Dollars	30.91	27.70	-10.4%
Venezuela Bolivares Fuertes	132.90	119.11	-10.4%
Vietnam Dong	602,541.71	582,531.00	-3.3%
Zambia Kwacha	147,737.85	141,685.50	-4.1%