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 Français 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% |
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 Français 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% |
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