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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– Red_Pill_Pusher_Man 4 points 1 year ago +4 / -0

Sorry fren, you're looking at it backwards. In 1930, one once of gold was valued at $30. $1 dollar today buys the same amount as four cents did in 1930. If, in 1930, someone buried a can with $30 in it and another with one ounce of gold in it and you happened to find them both, one can would be worth $30, the other can would be worth close to $2000 in today's valuation. One ounce of gold in 1930 buys about the same amount of goods as one ounce of gold does today.

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