TCK (OP)
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October 27, 2015, 09:09:37 PM |
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I am wondering why has the world agreed that an ounce of gold is worth 50 U.S. dollars? Even in other currencies this price stamped on the one ounce gold coin holds true. Like the chinese panda, 500 yuan which is basically, approximately 50 USD. And the silver ounce is worth 5 USD... or similare amounts in other currencies... if you stack, you know this... it's like price hasn't moved since the 1940's... what do the banks and governments know that we don't? Are they planning to confiscate it all for that amount for each coin?
Or would they just confiscate the gold and let us peasants keep our silver...?
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Gleb Gamow
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October 27, 2015, 09:21:39 PM |
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I am wondering why has the world agreed that an ounce of gold is worth 50 U.S. dollars? Even in other currencies this price stamped on the one ounce gold coin holds true. Like the chinese panda, 500 yuan which is basically, approximately 50 USD. And the silver ounce is worth 5 USD... or similare amounts in other currencies... if you stack, you know this... it's like price hasn't moved since the 1940's... what do the banks and governments know that we don't? Are they planning to confiscate it all for that amount for each coin?
Or would they just confiscate the gold and let us peasants keep our silver...?
This post reserved while I contact the proper authorities. Hello ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) Just thought I'd say hi. I have a little fiat currency coming in every month (just like the rest of you...) and am going to diversify to spread my risk and am now buying bitcoins. I have a few gold coins and a few kilos of silver coins for safety in "real life" now I want bitcoins too. Okay, I just got off the phone, TCK, and they told me to tell you to please stay put till they arrive in a few minutes. Also, what color straitjacket do you prefer?
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uwichii
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October 28, 2015, 07:15:31 AM |
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Not agree
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V for Varoufakis
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October 28, 2015, 09:50:43 AM |
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Because the quantity of dollars is 50 times bigger than the quantity of gold. For example if the total gold in the world is 50.000.000 ounces and the total dollars are 2.500.000.000 then 1 ounce of gold = total dollars/total gold = 50 dollars.
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xmaxbit
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October 28, 2015, 12:24:26 PM |
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Its like asking why has the world agreed over the cost of diamond which is around $ 10,129 per 6 karat diamond.
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TCK (OP)
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October 28, 2015, 01:03:42 PM |
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Because the quantity of dollars is 50 times bigger than the quantity of gold. For example if the total gold in the world is 50.000.000 ounces and the total dollars are 2.500.000.000 then 1 ounce of gold = total dollars/total gold = 50 dollars.
There are actually five billion US dollars in the world, not counting the 1340 billion dollars in U.S. federal reserve notes. And there are 3,8 billion ounces of gold in the world. So the price should be 365 dollars per ounce of gold. But I guess other countries money supply should be included too, since we are talking about the entire worlds gold then we should also include the worlds total supply of money. Which makes gold worth a lot more...
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V for Varoufakis
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October 28, 2015, 03:27:30 PM |
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Because the quantity of dollars is 50 times bigger than the quantity of gold. For example if the total gold in the world is 50.000.000 ounces and the total dollars are 2.500.000.000 then 1 ounce of gold = total dollars/total gold = 50 dollars.
There are actually five billion US dollars in the world, not counting the 1340 billion dollars in U.S. federal reserve notes. And there are 3,8 billion ounces of gold in the world. So the price should be 365 dollars per ounce of gold. But I guess other countries money supply should be included too, since we are talking about the entire worlds gold then we should also include the worlds total supply of money. Which makes gold worth a lot more... I gave you an explanation about how parities should work based on logic. But there is no logic in the banking scam system.
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pereira4
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October 28, 2015, 05:26:19 PM |
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Agreement on prices is a joke. That's how you get shit collapsing. The only true worth is pure supply and demand as delivered by a free market. That's why Bitcoin is unique, it doesn't get as free as it. I would rather deal with a bigger volatile price than a artificially fixed price that has a nice round number. You end up paying for it.
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smith coins
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October 28, 2015, 05:34:55 PM |
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Because long time ago when there wasn't any coin dollar came up. And exchanged this piece of paper for gold. From that day the price most of the time is from usa, correct me if i am wrong, i saw a documentary for this.
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techboy2
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October 28, 2015, 05:41:35 PM |
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It is all a game of demand and supply. There is finite gold and that can be matched with any suitable number of dollars.
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Amph
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October 28, 2015, 07:27:19 PM |
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Because the quantity of dollars is 50 times bigger than the quantity of gold. For example if the total gold in the world is 50.000.000 ounces and the total dollars are 2.500.000.000 then 1 ounce of gold = total dollars/total gold = 50 dollars.
There are actually five billion US dollars in the world, not counting the 1340 billion dollars in U.S. federal reserve notes. And there are 3,8 billion ounces of gold in the world. So the price should be 365 dollars per ounce of gold. But I guess other countries money supply should be included too, since we are talking about the entire worlds gold then we should also include the worlds total supply of money. Which makes gold worth a lot more... so basically if one day the whole $ system collapse, the gold will follow, or it will shift based on the strongest currency in the world? because as it is right now it does not make much sense
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EggShells
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October 28, 2015, 08:22:20 PM |
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I am wondering why has the world agreed that an ounce of gold is worth 50 U.S. dollars? Even in other currencies this price stamped on the one ounce gold coin holds true. Like the chinese panda, 500 yuan which is basically, approximately 50 USD. And the silver ounce is worth 5 USD... or similare amounts in other currencies... if you stack, you know this... it's like price hasn't moved since the 1940's... what do the banks and governments know that we don't? Are they planning to confiscate it all for that amount for each coin?
Or would they just confiscate the gold and let us peasants keep our silver...?
It's really simple... The US Mint simply wants to set a face value that is low enough that it's sure will never come into play. (I.E. market gold price should never drop below $50/oz.) If the market gold price ever drops below the face value, the US government would be subsidizing owners of these coins, something it probably really doesn't want to do! When the market gold price is above the face value, the coin trades like it should, as gold, not legal tender.
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zimmah
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October 29, 2015, 01:51:15 AM |
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50 dollars for an ounce of gold? Where can I buy gold that cheap?
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quantumgravity
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October 29, 2015, 03:10:21 AM |
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I am wondering why has the world agreed that an ounce of gold is worth 50 U.S. dollars? Even in other currencies this price stamped on the one ounce gold coin holds true. Like the chinese panda, 500 yuan which is basically, approximately 50 USD. And the silver ounce is worth 5 USD... or similare amounts in other currencies... if you stack, you know this... it's like price hasn't moved since the 1940's... what do the banks and governments know that we don't? Are they planning to confiscate it all for that amount for each coin?
Or would they just confiscate the gold and let us peasants keep our silver...?
Those are bullion coins. No one with half a brain will spend a $50 gold eagle at face value. The coins are not meant to be spent. They are meant as a revenue generator for the US Mint.
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Possum577
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October 29, 2015, 03:20:46 AM |
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The world hasn't agreed on those prices. An ounce of gold is trading at $1,160...this is what the world has agreed upon as the price. An ounce of silver is trading at $16...this is what the world has agreed upon as the price. The reason on how the markets arrive at these prices is simple and complicated...simply, this is where the cross between supply and demand meet. But why supply and demand meets at that level is a bit harder to reason through, there's a lot of speculation. 50 dollars for an ounce of gold? Where can I buy gold that cheap?
More importantly - answer this guys question and let us both know! Thanks!
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odolvlobo
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October 29, 2015, 05:28:47 AM |
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In 1973, soon after the "Nixon Shock" when the U.S. stopped honoring it's obligation to redeem dollars for gold, the U.S. devalued the dollar to $42.22 per ounce. That is still the official value of a dollar in the U.S., though nobody in their right mind would pay that much gold for a dollar. Given that absurdity, it is reasonable that a 1 oz coin would have an official value of slightly more than that. Check this out: https://www.fiscal.treasury.gov/fsreports/rpt/goldRpt/current_report.htm
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americanpegasus
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October 29, 2015, 06:18:25 PM |
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You know, as silly as this topic was I realized something from it. When Nixon broke the dollar/gold link it didn't just hurt the dollar's value, it also hurt gold's. Such will be the fate with the dollar/oil link.
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Account is back under control of the real AmericanPegasus.
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neurotypical
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October 29, 2015, 07:30:17 PM |
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You know, as silly as this topic was I realized something from it. When Nixon broke the dollar/gold link it didn't just hurt the dollar's value, it also hurt gold's. Such will be the fate with the dollar/oil link.
Not only the dollar/oil link but basically every other stock specially groups like S&P... Imo when things start getting really shitty I would go 100% on Gold + Bitcoin (and some silver just to not be greedy). But stocks, don't look like worth an headache to me.
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log2exp
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October 29, 2015, 07:38:58 PM |
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Totally agree on the oil and dollar tie after Nixon. It's all about Saudi Arabia's oil and American military (which heavily depend on the former) to back up the value of the US banknote.
Since oil price halved recently, it f* over domestic shale gas industry pretty good. Things won't last forever, what's after the oil for good or bad?
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americanpegasus
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October 29, 2015, 07:49:41 PM |
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Things won't last forever, what's after the oil for good or bad?
The inevitable conclusion is that if the United States (and any nation like Russia or China) begins to link their national fiat to cryptocurrency reserves, not only will this strengthen that cryptocurrency, but also the fiat that is backed by it. If the US Dollar were suddenly backed by strategic reserves of 500,000 bitcoins, then sure Bitcoin would skyrocket - but any concern about the dollar collapsing would immediately vanish. Here is something real and verifiable that the entire world can see: 1UnitedStatesReserve2lkjfas09s6yE2 has 500,943 bitcoins. It took NSA computers over two years to generate that vanity address for additional feelings of security. ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) (not a real address, nor do I have any idea how long it would take to generate something that specific) Of course, it's ridiculous to think a country would store all it's assets in a single address. Likely a series of a thousand or so multi-sig addresses would be used, and the keys entrusted to the separate high-ranking members of government and the Federal Reserve.
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Account is back under control of the real AmericanPegasus.
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