Quote:
Originally Posted by theking
What is this talk about going back to the gold standard. It is my understanding that the US does not have enough gold to back a gold standard and it is also my understanding that if the US owned all of the gold in the world...we would not have enough gold to back the gold standard. Where am I mistaken?
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From Wikipedia...The total amount of gold that has ever been mined has been estimated at around 142,000 metric tons.[16] Assuming a gold price of US$1,000 per ounce, or $32,500 per kilogram, the total value of all the gold ever mined would be around $4.5 trillion. This is less than the value of circulating money in the U.S. alone, where more than $8.3 trillion is in circulation or in deposit.
The US currently has a little more than 9,000 metric tons in reserve of the 142,000 metric tons that has been mined.