“All of the nations on that list are gold bugs. Opinions as to whether it would go that direction in some manner?”
There simply isn’t enough gold out there. Russia has one of the largest reserves, but they still only have $130 billion in gold for a $1.4 trillion economy. That’s only 10%
For China they only have enough gold to cover 1% of their much larger economy.
“There simply isn’t enough gold out there. Russia has one of the largest reserves, but they still only have $130 billion in gold for a $1.4 trillion economy. That’s only 10%”
This makes the massively crazy supposition that the current prices in gold adequately represents would the market WOULD price gold if the central bankers did not launch a frenzy of paper gold selling every time it pokes it head up. Silver and gold are the most manipulated metals ever. The COMEX alone had 100+ “contracts” for every physical ounce of gold they have. Google “Andrew Macguire” for this story in silver (the same, but worse”
There is no such thing as “not enough gold to back the currencies” the only thing “not enough” is the value of gold. All that tells you is that the world’s currencies have been staggeringly inflated.
“There simply isn’t enough gold out there.”
That has absolutely nothing to do with a gold backed currency. 1000 pounds would be enough. The only thing that matters is that “X” amount of currency equals “Y” amount of gold. It isn’t about whether or not you have a gold coin to bite. It is that there is a hard limit on how much currency can be created.
A gold backed currency does not require gold coins in citizen pockets to function.