Weird, I can’t think of a single country that still issues one.
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Yes, exactly my point.
Could it be because it’s worth so much more than the face value of the fiat currency?
That goes for copper pennies too, and soon nickles won’t be make of nickle anymore either.
Your dollar has lost 96% of it’s buying power, that is a fact.
Gold has never gone to zero, unlike EVERY fiat currency in history.
So, yes, that makes gold the most stable monetary form of exchange in history. It is also a hedge against inflation. When inflation is low it tends to drop and rise in times of high inflation.
The whole topic of discussion is why Russia would tie it’s currency to gold? The question should really be, why wouldn’t they? What else would they back it with? Nothing?
They problem for us, is that this could also accelerate the demise of the dollar. The only reason we have gotten away with printing so much money over the years, is because of our reserve currency status. Which Biden is doing everything possible to destroy.
If Russia and China make a power play and back their currency with gold. It could cause a collapse of the last 4% of the dollar.
Who would want to use dollars backed by nothing, when they can use currency backed by gold.
There is a reason Russia and China have both been stockpiling gold.
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Yes, exactly my point.
Your point that metal backed currencies work is helped by the fact that they're no longer used anywhere?
Your dollar has lost 96% of it’s buying power, that is a fact.
My dollar hasn't lost anything close to that much.
So, yes, that makes gold the most stable monetary form of exchange in history.
Didn't gold lose 65% (about 84%, adjusted for inflation) of its value between 1980-2001? How long did it take the dollar to lose 65% (84%)?