Gold standard, the real story is what REALLY

[49er12]

Gold coins then had a very long period as a primary form of money, only falling into disuse in the early 20th century. Most of the world stopped making gold coins as currency by 1933, as countries switched from the gold standard due to hoarding during the worldwide economic crisis of the Great Depression

 

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[49er12]

Quick follow up, what determines the rarity of any minerals etc gold, silver diamonds. Maybe the part of being rare is rhe idea of mining it, extensive work, maybe not as rare. Im asking because I want to be educated on subjects I dont know much about. But I think some control what is determined to be rare being that said the price of the item is high. Yeah please explain alot of people want to understand how rare is determined , cant be strictly because they say so, control by only a few mega companies.

 

[Mackaydon]

This article may interest you:

How Rare is Gold, Really? - Hero Bullion

How rare is gold? Gold is rare, with an abundance of around .004 parts per million in the Earth's crust. On this page, learn more about how rare gold really is.

www.herobullion.com

Don in SoCal

 

[metrotec]

Gold is mentioned in The Bible , more than any word. As I have stated before, Paper money is "fiat" money, backed by the word of the country, state, or person that printed it.
The U S dollar is fiat money, "I promise to pay upon demand."
In 1933, after the U S A went off the gold standard, it was illegal to own gold coins. You could be jailed for having gold coins.
Today a 1920 $20 gold coin( 3-5 thousand dollars or more) will buy a truck load of groceries, vs a $20 US Jackson bill will get you 2 bags of groceries at a box store. Go figure.
It's called "control of the people by financial institutions."
At one time there were gold and silver certificates, pay upon demand to bearer . gold or silver coin.

 

[robertk]

The U S dollar is fiat money, "I promise to pay upon demand."

It doesn't even promise that any more. It's just a piece of government debt, backed by nothing and redeemable in nothing but more debt.

 

[achanceforgold]

I think "rare" is subjective. There are many far rarer minerals and metals. But "sought after" is a more correct term, in my opinion. There are 20 some Rare Earth metals. But none are more sought after than gold. A luxury metal.

But as to how and why it is associated with the U.S. Dollar,
Amazon has a great movie "The Marvelous History of the US Dollar," free with prime. Very informative.

 

[49er12]

My point exactly, they , whomever controls things. Who determines what is rare, by what definition. Gee the most riches in the world are in the oceans, but guess what if you dont have the rights and equipment you aint getting it. Just a select few control certain things why , I guess I know.

 

[ConceptualizedNetherlandr]

Gold is mentioned in The Bible , more than any word.

seems you misspelled lord, as if it would somehow ever matter what was said there about it.

As I have stated before, Paper money is "fiat" money, backed by the word of the country, state, or person that printed it.
The U S dollar is fiat money, "I promise to pay upon demand."
In 1933, after the U S A went off the gold standard, it was illegal to own gold coins. You could be jailed for having gold coins.
Today a 1920 $20 gold coin( 3-5 thousand dollars or more) will buy a truck load of groceries, vs a $20 US Jackson bill will get you 2 bags of groceries at a box store. Go figure.
It's called "control of the people by financial institutions."
At one time there were gold and silver certificates, pay upon demand to bearer . gold or silver coin.

 

[opalboy]

If you hold gold or silver, you have money, it is wealth.
If you have a retirement, or 401k, somebody owes you your money.

 

[ToddsPoint]

The US mint started producing gold coins in 1795. Those coins were mainly exported to Europe because they were worth more than their face value there. It wasn’t until 1834 that the standards were changed. Exports stopped and gold coins started circulating in the US. So we used gold for just under 100 yrs. When FDR banned the use of gold, you were allowed to keep $100 worth of coins. Wealthy people with a lot of gold sent it overseas to stash it. FDR then banned that. Judging by the number of pre 1933 gold coins that are available today, I think many people ignored FDRs order. You can still buy random date double eagles for spot price plus a small premium all day long. They are not rare at all.