What about oil, coal, copper, iron, stocks, realestate, livestock, uranium, silver, platinum, ...?
Or is life all about gold? Maybe YOURS is. You can look at it. It's shiney. So what?
This is the 21st century.
You just might be a dweeb.
Come on you can't take $54,000.00 seriously,even our great great grandchildren will never see a number like that.
Maybe that's what it should be worth against paper,but we would have big problems if a cow was worth fifty ounces of gold.
The thread title is the projection I was referring to. As for not believing the "left wing media" ... I see little benefit in deciding that all media sources are liars. There are liars in the media, and demagogues, and idiots. But there are also facts in the world, and we should agree on them.
I don't know the status of the estimates of US gold reserves. I have no problem with an audit, and historical records release. There does not seem to be any national security issue with the size of the US gold reserve.
I have never made the claim for $10,000.00 in fact a little over $2,000.00 is about as high as it will go.
It could go higher if the Obummer is re-elected,living in California my whole life and watching what the people on the left have done to my State makes me want to leave.
I have decided to stay and fight tell they lock me up or run me out of the State.
I go by history,numbers can be manipulated.
I got the number using the google ... here is a link:
I rounded from 8965.65 tons to 9000 tons, but I also rounded the monetary base to one significant figure.
I find it hilarious that I used numbers and reasoning, and you think that makes me a left wing nut. I am left of center. I do use reason and numbers. You can dispute the numbers ... as you do, or dispute the logic. But you idiot-right-wing-nuts often make claims about $50,000 or $100,000 gold, for a gold backed dollar, without any basis ... at least I provide a basis.
Incorrect though. The US monetary base could be backed by gold at a price under $8000.
COnsider a change to a gold based currency ... say we add a strip of gold leaf to every paper in circulation. The US could make that conversion at a price of $7633 per ounce.
Take the current monetary base, which is near $2 trillion (links) and divide that by the mass of US gold, which is about 9000 tons. 9000 tons is about 262 million troy ounces.
The new gold currency would still be used in a fractional reserve banking system, and lending of money would still go on, and all the things that add to the money supply (M2) would still occur, even though the dollar would BE gold coinage at that point.
You have to understand that the amount of money is now very much a matter of circulation and banking policies. We can have an economy with a GDP of 10's of trillions, and a federal debt of $13 trillion, and massive assets, all with only $2 trillion of currency circulating.
or scary historical chart: