Every major reserve currency has depreciated against gold over the long run. The log-scale chart (1850–2020) shows all currencies declining vs gold, with sharp drops during wars and financial crises. Gold is not an investment — it is a hedge against the failure of paper monetary systems. Reserve currency status delays but does not prevent the depreciation cycle. The Dutch guilder, British pound, and US dollar all followed the same pattern: reserve currency status → slow depreciation → crisis-driven step-downs vs gold.