George Matyjewicz wrote:
Why not return to the gold standard? One of the major issues with this premise is the fact that there simply isn't enough gold in existence to back all currencies with gold. At the end of 2001, it is estimated that all the gold ever mined amounts to about 145,000 metric tons . As of 31 December, 2001 the price of gold was $278.10 a troy ounce. Hence, the total value of gold ever mined and in use is $1,296,462,780,007 ($1.3 trillion). This means the value of gold has to increase to match the backing of currency.Perhaps there is more hidden gold than reported gold? Who knows? Any way gold does not evaluate - the fiat currency devaluates........ Divide how many fiat monetary units (dollars, yen, etc.) there are by how many gold units there are and that will indicate the "true" (or at least close) value of gold (and the true value of the fiat currencies) assuming a complete conversion were possible.
Comments?
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