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Though gold and silver are no longer the currency of everyday use, their prices dictate the current state of the economy. With the recent spate of recessions and economies going on a roller coaster ride, gold and silver prices too have been fluctuating heavily.
Historically if you look at the way gold and silver have functioned, you will find that they were a monetary base for most countries. In fact, it was the monetary base of the USA till 1913 when things had to change due to the state of the economy back then.