“If you are hold an ounce of gold, what does that mean for you?”
Well, if I had a few ounces of gold and gold was revalued to $10,000 or so an oz. then the first thing that governments would do would be like what FDR did and declare owning gold to be illegal and demand you sell it to the govt at the old (1700/oz +/-) price. You wouldn’t be able to trade it and the gold markets would be closed.
Going back to the gold standard will never happen with the likes of the Rothchilds/Rockefellers running the show.
Less than 1% of the general population owns any gold at all. It is all held in the Central Banks. An FDR event is not likely to happen. If something like FDR happens the average person will not care, they won’t care because they do not own it. Second they won’t care because they do not understand what happened. More likely is any mines will go under government control and people who own paper gold will lose in a scenario like you describe.
Those who own physical gold it will be a different scenario. They are not likely to come after less than 1% of the population. The FDR scenario made sense at that time, because everyone owned gold, because it was the currency along with silver. Real money, not fiat currency. Now virtually no one owns gold.
But I like this conversation on FR, because it demonstrates just how much we do not understand. We say our currency is backed by the ‘good faith and credit.’ Yet, there are central banks accumulating massive amounts of gold as a solvency backstop. To me solvency backstop is just a nice way of saying SHTF.
The question I still have is what happens in the greater economy if a revaluation happens? Does all the sovereign debt just disappear? Is the playing field suddenly leveled at the Central bank level? What happens to us peasants?