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To: ScreamingFist

I don’t think you understand why gold was used as money and why it is not now.
Gold coin doesn’t need “backing”, it is valued by those who accept it for its self, like a gold nugget or dust.
If by “backing” you mean a set price that doesn’t exist, the price floats.
Gold bullion coins have a premium on them because they have a set amount of metal in them and don’t need to be assayed for purity.
Who uses the Maple Leafs for currency? Last time I was in Canada I saw only metal slugs and paper.
Who uses pre-1965 silver coins for currency here in the U.S.? Why not? They’re currency, money legal tender too.


67 posted on 04/06/2011 4:39:12 PM PDT by count-your-change (You don't have be brilliant, not being stupid is enough.)
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To: count-your-change
I don’t think you understand why gold was used as money and why it is not now.

Look....late to the party. There isn't enough gold in the world to cover the debt of the US. Do you think you are talking to amateurs here....?

69 posted on 04/06/2011 4:48:09 PM PDT by ScreamingFist (Quiet the Idiot)
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