Gold Standard ?

[toad]

Well apparently there is no country on the gold standard. It is all countries with something like the Federal Reserve constantly feeding the inflation monster . How ever , while I'm aware that there are wealthy individuals buying gold , the price of gold hovering at about 1200 dollars per troy ounce .
So I am wondering if it is only individuals who are supporting the price of gold . Could there be companies and NGO's supporting this price waiting to sodomize the Federal Reserve ?

[blackeagle603]

There's a currency war on. But then, there's always a currency war on -- sometimes just with a slowdown for weather.

I wonder how much the move to crypto is soaking up dollars that otherwise would go to precious metals

[HTRN]

Well apparently there is no country on the gold standard.

Of course not. Fiat currency allows them to manage inflation and economic growth. And before you go on about "printing money" - the Romans were essentially doing that 2000 years ago, by debasing silver coinage over the centuries. One of the ways they used to be able to tell how old a coin is, was measuring the silver content.

[Vonz90]

Well apparently there is no country on the gold standard.

Of course not. Fiat currency allows them to manage inflation and economic growth. And before you go on about "printing money" - the Romans were essentially doing that 2000 years ago, by debasing silver coinage over the centuries. One of the ways they used to be able to tell how old a coin is, was measuring the silver content.

#1 on all of that but also mention the periodic bouts of deflation and arbitrage when the official and real price of gold diverge.

[toad]

Booze , Firearms , and Foods good for long term storage ?

[Greg]

There's a currency war on. But then, there's always a currency war on -- sometimes just with a slowdown for weather.

I wonder how much the move to crypto is soaking up dollars that otherwise would go to precious metals

An enormous amount. There's no other explanation for the way crypto behaves.

[HTRN]

The funny thing is, Crypto is basically useless for it's original intended function : an alternative currency. Because it's far to unstable to be used as such.

[BDK]

The Gold standard is inherently broken - like all commodities, just about, it inherently gets cheaper, at a rate faster than inflation.

The best currency, really, is a tightly controlled fiat currency, which, TMK, is what cryptos are attempting to be.

[Vonz90]

The Gold standard is inherently broken - like all commodities, just about, it inherently gets cheaper, at a rate faster than inflation.

The best currency, really, is a tightly controlled fiat currency, which, TMK, is what cryptos are attempting to be.

True long term, short term can be worse with both up and down fluctuations.

The problem with the Fed as it stand now is they are mandated to keep an inflation target and a growth target and those can be contradictory.

[HTRN]

The best currency, really, is a tightly controlled fiat currency, which, TMK, is what cryptos are attempting to be.

Yes, but like I said, it's too unstable - Bitcoin was worth $327usd in Nov 15, $11 k usd + in Nov 20, and over 63k apr of this year.

That's hardly stable, and stability. Is one of the prime requirement of a useful currency.

I think a better idea that instead of fiat or commodity backed currency, perhaps defining a unit of currency to be worth exactly one hour of the average labor rate of the country? I got the idea from an old stainless steel rat novel.