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.
we'd be back in the days of a nickel for a gallon of milk
That sounds like a forty to fifty years ago price. My uncle told me that he swore to anyone that would listen that gas would never exceed $0.75/gal. He said he was proved wrong within two years. That was the early seventies in Chicago.
I started driving in ‘72, gas in Canada was 0.39/gal and Michigan was 0.19/gal
Holy moly. This was about ‘73 or ‘74. I think it was $0.50/gal when he made the comment. Of course, I was told this around 2000 so I may have my numbers screwed up!
Along with a free plate on a fill up
They use to have gas wars in Houston in the late 50's and gas would get down to less than 20 cents a gallon. You could get bread 5 loaves for a dollar and day old bread at loaves for a buck.