DEG (ASX) Gold Price

Originally posted by calmbeforestorm ↑

in S,h,e,ad

The possibility of a global gold standard looms?

Seems like an outlandish thought, that. Or does it?
Not according to Steve Forbes – chairman and editor-in-chief of Forbes Media.
“It’s hard to believe, but the world is beginning to lurch toward a gold-based monetary system,” wrote Forbes in an article published on May 21.
“This, despite the fact that the historical gold standard is held in almost universal contempt by economists and financial officials.”
The idea of a gold-based currency has plenty of critics, as Forbes notes, due to the availability and value of gold being a fluctuating beast, and therefore supposedly not possessing the sort of price stability needed to sustain a healthy economy. Imagine the inflation when gold’s mined from asteroids, etc etc.
But Forbes counters with the reminder that “the US was on a gold-based system for 180 years until the early 1970s.
“We never had inflation when the dollar’s various ue was tied to the yellow metal, and the US experienced the greatest long-term economic growth in human history.”
Ever since President Richard Nixon ditched the US gold standard in the 1970s, the US economy’s average growth rates have reportedly declined by around 33%.
“Median household income today would be at least $40,000 higher if our traditional pattern of growth for those 180 years had been maintained,” wrote Forbes. “Nonetheless, the contumely and scorn for a gold-based monetary system is universal.”
So what makes Forbes believe the world is possibly heading to a new global gold standard monetary system? To paraphrase a bit in bullet-point form:
• Central banks buying gold at record levels.“Buyers include China, India, Russia and a number of other nations such as Poland. These countries are reacting to growing doubts about the long-term value of the dollar, which in turn is a symptom of the perceived decline of the United States.”
• Crypto. Wait… what? Forbes sees the rise of digital money as another clear indicator of turning tides and thought in the world of finance. He describes Bitcoin and crypto as “a high-tech cry for help in the face of increasingly unreliable fiat currencies”, adding:
“There are a handful of cryptos tethered to gold, but they haven’t yet achieved the credibility or built the mechanisms to be widely used. Nonetheless, as governments flounder in their monetary policies, that will change.”
• Spiralling debt, in the world’s biggest economy (the US), and globally, which Forbes says “will inevitably kindle crises that cannot be easily extinguished… Total debt in the world today is more than $300 trillion, an astonishing three times global GDP.”
• And BRICS nations, led by China. BRICS US de-dollarisation efforts seem to be gaining traction, believes the analyst, noting that “their monetary machinations, so far, have amounted to little, but that’s starting to shift”, pointing to India’s recent experiments with gold-backed government bonds.
And, actually, just on that… this…
The IMF is down with Zimbabwe’s gold-backed move

The International Money Fund has reportedly described Zimbabwe’s recent introduction of a gold-backed currency – ZiG – as an “important” step.

“The introduction of ZiG represents an important policy action accompanied by several complementary policy changes – including monetary, exchange rate, and fiscal policy measures,” replied a spokesperson for the Washington-based lender to Bloomberg‘s questioning.
Forbes, meanwhile, noted the insane hyperinflation and instability of the southern African country, caveating:
“Deep skepticism is warranted that this government has the discipline to make such an arrangement work. But the move is a sign of things to come.”

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No.	Vol.	Price($)
42	223456	$1.19

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223456

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Price($)	Vol.	No.
$1.19	155274	40

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$1.19

155274

No.	Vol.	Price($)
42	231028	1.185
28	289383	1.180
31	246155	1.175
19	233417	1.170
7	164298	1.165

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231028

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289383

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246155

1.175

233417

1.170

164298

1.165

Price($)	Vol.	No.
1.190	141492	37
1.195	229712	21
1.200	271581	20
1.205	234738	15
1.210	495654	10

Price($)

Vol.

No.

1.190

141492

1.195

229712

1.200

271581

1.205

234738

1.210

495654

(20min delay)
Last $1.19		Change -0.003(0.21%)		Mkt cap ! $2.852B

Open	High	Low	Value	Volume
$1.20	$1.20	$1.18	$3.792M	3.196M

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