Regarding gold: If the US goes back to a gold standard (as part of the "gold will destroy the fed" concept), what happens to the price of gold? - The Great Awakening

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Regarding gold: If the US goes back to a gold standard (as part of the "gold will destroy the fed" concept), what happens to the price of gold?

posted 1 year ago by changeagent 1 year ago by changeagent +136 / -1

I get it that gold is insurance against inflation. And, it's real money in an economic catastrophe.

My question is on behalf of the Anons who may have purchased some gold coins (but lost them in the lake). If we paid $1000 for one 1oz coin, and the US goes back to a gold-backed standard and values gold at $35/oz., that is quite a loss! I am not that is what will happen, but I present that scenario as part of the broader question: What would gold need to be valued at in our fiat US$ currency in order to be the backing?

Any Anons have a sense for the future value of a gold coin in the gold-backed dollar scenario? A lot of people have purchased gold coins hoping that they will revalue north of $20K or $50K to accommodate all of the fiat floating around. But I just can't see the elites letting people get "rich" so easily.

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– patriot68 1 point 1 year ago +1 / -0

Once the shizzle hits the fizzle, the price of gold will be determined using three different methods simultaneously. There's the price that London announces it should be. There's the price that someone with a calculator says it should be worth. And there's the price that any two people making a deal agree that it is worth.

Say you have a gold coin and your food rations have run out, you're starving. Someone is selling his cow. Guess what? The cow is probably going to end up being priced at one gold coin.

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