How did the gold standard work?
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How did the gold standard work?
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Re: How did the gold standard work?
#2Question though, does Fort Knox gold still exist?
Re: How did the gold standard work?
#3Question though, does Fort Knox gold still exist?
6k tons of gold is held in Manhattan by the Federal Reserve: https://www.wsj.com/articles/the-fed-has-6-200-tons-of-gold-...
Re: How did the gold standard work?
#4Question though, does Fort Knox gold still exist?
Yes!
“ 147.3 million ounces. About half of the Treasury’s stored gold (as well as valuables of other federal agencies) is kept at Fort Knox”
https://www.usmint.gov/about/mint-tours-facilities/fort-knox
Re: How did the gold standard work?
#5Question though, does Fort Knox gold still exist?
https://en.wikipedia.org/wiki/United_States_Bullion_Deposito... “… currently holds roughly 147 million troy ounces (4,580 metric tons) of gold bullion, over half of the Treasury's stored gold.”
Re: How did the gold standard work?
#6Question though, does Fort Knox gold still exist?
[deleted]
Re: How did the gold standard work?
#7The fact that gold reserves are still a very common feature in almost every country indicates to me that our governments aren't completely committed or secure in this grand experiment of unbacked fiat currency that's been going on for 50 years.
https://tradingeconomics.com/country-list/gold-reserves
And since the 2008 financial crisis and recent events with Russia, it seems like that uncertainty might be justified.
Re: How did the gold standard work?
#8The fact that gold reserves are still a very common feature in almost every country indicates to me that our governments aren't completely committed or secure in this grand experiment of unbacked fiat currency that's been going on for 50 years. https://tradingeconomics.com/country-list/gold-reserves And since the 2008 financial crisis and recent events with Russia, it seems like that uncertainty might be justified.
Gold makes up a tiny fraction of the total reserves.
Re: How did the gold standard work?
#9The fact that gold reserves are still a very common feature in almost every country indicates to me that our governments aren't completely committed or secure in this grand experiment of unbacked fiat currency that's been going on for 50 years. https://tradingeconomics.com/country-list/gold-reserves And since the 2008 financial crisis and recent events with Russia, it seems like that uncertainty might be justified.
Gold makes up a tiny fraction of the total reserves.
A little less than 10% in the US, https://www.federalreserve.gov/data/intlsumm/current.htm
edit; wait no. This table is valuing gold at only $42 an ounce, not the open market value of $2000 an ounce. Based on actually market value, the US gold reserves is double the value than all other currency reserves.
Re: How did the gold standard work?
#10No post body was provided.