GOLD the new Medium of Exchange?
GOLD the new Medium of exchange? According to the World Gold Council, in 2006, the total amount of gold ever mined was 158,000 tonnes. That = 5,079,700,000 troy ounces. That = 2,438,256,000,000 grains of gold divided into the world’s 2009 population of 6,756,152,701 = 360 grains per person. If the dollar was the size of a dime (35 grains), that would be $10 for each person in the World. 2,438,256,000,000 grains of gold divided by the United States population of 305,682,336 in 2009 = 7,976 grains per person. If the dollar was the size of a dime (35 grains), that would be $277 per person in the U.S. If each of the 305,682,336 persons in the United States had $227 times the total money supply would be $69,389,890,272. With a Trade deficit of near $800 Billion annually or $66,666,666,666 a month, in just one month, the United States would ship all but $2,723,223,606 of our money supply out of the country. Sources: Gold supply (World Gold Council)Conversions (Byron Dale)