Good video. To spoil the conclusion, only a tiny amount of the old in circulation dates to ancient times. The vast majority of it has been mined since 1950.
That’s one reason I don’t support a gold standard. Too much instability. One big discovery, or some clever person finds a more efficient way to mine and all of a sudden the supply of gold doubles and the price collapses.
Well put.
Yeah and if you ever look at how many ounces of gold have been mined and divide it over the number of people on the planet, it comes out to a fraction of an ounce per person.
We’ll have to have really really small coins.
And since mining won’t keep up with population growth or the supply of goods, a gold standard is a certain recipe for constant deflation, except when major new finds occur.
And we’ll all need test kits to see if the coins are fake or plated instead of real gold.