Goldmoney on a new gold standard

GoldNRollGoldNRoll Posts: 211 Bronze ✭✭✭
What will Goldmoney do if governments return to a gold standard?
What gold dealers like SchiffGold will do?

What will gold depositories and dealers become if all banks will deposit gold and issue gold-backed certificates? Unite and launch a new bank, maybe one that is not fractional? Do GM strategists have a plan?


  • GoldmattersGoldmatters Posts: 4,021 Admin
    Personally, the first thing I would do would be to announce it on this forum.

    Secondly, I might cry.
  • GadsillaGadsilla Posts: 130 Bronze ✭✭✭
    That would be something. I'm not sure anyone would know what to do initially.
  • IrishGuyIrishGuy Posts: 181 Bronze ✭✭✭
    edited June 3
    @Gadsilla @GoldNRoll
    I hope that is the case but very much expect it will be governments using gold for balance of payments between themselves while continuing to issue fiat currency. It is more likely they would ban gold ownership rather than have the world on a gold standard but I hope I am wrong.
    That is why Mene may be more strategic for Goldmoney. If they ban gold for the general population to inflate away debt etc then wearable jewellery will be the way to go to maintain your wealth. Just my thoughts.
  • GoldNRollGoldNRoll Posts: 211 Bronze ✭✭✭
    @IrishGuy I hope the Government will be wise enough not to ban private gold ownership. I think they would not do it for 2 reasons:
    1) Social media and alternative media. In 1936 when all the information the general public had was from MSM TV. The public is much better informed now.
    2) The trust in Government back in 1934 was very high then, now is very low. The public would not easily accept such a ban today.

    My guess is that a modern gold standard would be fractional so there would be place for GM to register as a bank and run fully-backed demand deposits for a niche of principled clients including us :smile:
  • IrishGuyIrishGuy Posts: 181 Bronze ✭✭✭
    @GoldNRoll good points. Thanks.

    I like this board to get varied views and hopefully we can assess what is likely to happen prior to any event and take action accordingly.
  • Midas65Midas65 Posts: 38 Copper ✭✭
    If there was a gold standard, I would still keep my gold. The crooks who run the system can't be trusted, and they would secretly print currency, (or digital) to buy up all the gold while the suckers have the notes.
    Also, I think with a gold standard, gold would have to be re-valued at a higher price. If gold was valued at less than $5000/oz, people would rather have the physical gold than a note representing that much.
    Remember during the depression, gold was confiscated from people at $20/0z then re-valued at $35/oz. (estimates are that most people did not hand over their gold and very few people were ever charged for not handing in their gold.)
    The gov't could steal money directly from your bank account much easier if they wanted to.
  • IrishGuyIrishGuy Posts: 181 Bronze ✭✭✭
    edited June 4

    Your correct - $5000 minimum.

    If 50% backing of Money supply by Gold

    “Dividing the money supply by the gold supply gives an implied, nondeflationary price for gold, under a gold-backed SDR standard, of approximately $9,000 per ounce.
    The inputs in this calculation are debatable, but $9,000 per ounce is a good first approximation of the nondeflationary price of gold in a global gold-backed SDR standard.”

    Excerpt From
    The Death of Money
    James Rickards
    This material may be protected by copyright.

    He does go on to say oil and other commodores would also rise in value. $600 for oil
    Silver $120 etc
Sign In or Register to comment.