Re: Gold as Currency?
The origianal $50 gold coin was a ounce coin and a troy oz. is 31.1 grams.
LOL, a $50 dollar gold piece by todays standard will weigh 1 gram and be about the size of a finger nail. I know because I have some.
Gold could be a monetary standard again but the ugly sister SILVER is what has the greatest potently because the common man can not afford gold any more.
One estimate put the total gold mined in the world at 5.3 billion troy ounces with 1 billion troy ounces of world wide unmined reserves.
5.3 billion troy oz. X $1433=$7,594,900,000,000 or $7.6 trillion of gold in the world. That will not cover our debt, good one Nnuut.
Total U.S. Dollar money supply is estimated to be $8.3 trillion in 2009 and that does not count the currency of the rest of the world or outstanding debt.
So if we go to a One World Order with a one currency gold standard what will the price of gold and silver be? LOL
By the way there is 5 times more gold than silver in the world. Silver is more abundant in the earth but there is less of it that has been mined.
Check out this article.
http://seekingalpha.com/article/2068...-to-buy-silver
Socrates: "Democracy, which is a charming form of government, full of variety and disorder, and dispensing a sort of equality to equals and unequaled alike."
Bookmarks