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.
Gold can have a fixed price. Just make a dollar out of gold, and not paper.
The very nature of capitalism does not allow a "fixed" price. True capitalism is willing buyers and willing sellers agreeing on price without outside (government) interference. Once you allow government interference corruption will follow.
The truth is this. With true capitalism Gold will find it's price. That price will be where the majority of willing buyers and sellers agree.
If we are not living in a debt based economic system it does not matter if gold moves up and down relative to other commodities. If we are living with debt then yes is it very important that the gold price remains fixed or only allowed within a certain band of prices.
Gold could have a fixed price in government currency only as long as it can be freely traded one for the other.
If the countries had a system like that we would be able to trade ANY countries currency for gold. Or any countries currency for any product or service. After all the currency is completely backed by gold.