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.
My brain does not work well when it comes to economics and the like. So please, someone take pity on me and explain some of this stuff to me.
Why would gold be priced at $35/oz? I assume it has something to do with that being what it was priced at right before the gold standard was eliminated? But why would we just go back to what the price was then? Many others here have mentioned how much inflation has changed since then.
And from what I understand, the fiat system we have now will have to be completely destroyed before we can reinstate the gold standard, right? So all these comments about the entire world's gold supply being bought up when/if it goes back to $35/oz makes no sense to me. Who is going to be selling anyone gold at that time, especially if the fiat system we have now has collapsed?