My source of information for gold is the World Gold Council. I think you are confusing the word naive with informed.
Gold is a very rare and precious metal and it attracts a premium for its scarcity. There is not plenty of goldand there is not enough to back any Currency. I suggest you visit the site and educate yourself with the real facts before providing ill informed posts.
According to the World Gold Council at 31 December 2021 Central banks held 34,592 tonnes of gold. Even at $US 2,000 this translates to being worth about $US 2.2 trillion. Central banks may have added a few hundred tonnes in the last 12 months but it does not change a thing. It is not possible even if one country owned all of this gold to back any currency with gold.
The GNP of USA is $23 trillion, China $27 trillion, India $10 trillion and Russia $5 trillion. How can any of these significant countries cover their
dealings with a gold backed currency when all the gold in the world is worth in total $2.2 trillion?
How will the US pay its $32 trillion in debt with $2 trillion in gold.
Keep the Faith
Gold Investors Unite
My source of information for gold is the World Gold Council. I...
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