Are any world currency's backed by gold

Actually yes silver is rarer than gold.

news.silverseek.com...
www.moneyweek.com...

Don't knock it until you know it dude

The reason silver is not more rare than gold is simple. It's still easier to find, extract, refine, and smelt silver. Gold is much harder to do so and usually the impurities of gold is...oh my gosh...silver.

If it's more rare as boullion because we use it industrially...no one really cares I suppose...except the most whacko of investors I suppose who think they can push Silver above the price of Gold or something.

gold is one of the ONLY reliable currency...so you better start saving it in your cellar.

because when the crisis is going to happen...your fiduciary money is going to worth...Jack S###.

hmmm...i wonder who could have interest in introducing such fiduciary money and fractionnal reserve banking? clues anyone?

I can go buy gold tomorrow, there are many dealers. Yet I have yet to see dealers who sell silver. So...in my case it is not easier to find.

Please post some proof that silver is not more rare than gold...because I just posted links that said that they have been selling more silver than they could mine...

It turns out that the islamic countries have been planning a gold based currency for some time. Presumably to stabilize their currency, possibly to destabilise the USD and other fiat currencies. It's called the dinar and it's been around since the start of islam.

link

Thought to be rare, it became one of the few standards.

There is plenty of uses for gold.
Some help
Basically, most people aren't allergic to pure gold, so it's good to put inside the body. Here
Here

It is hard for a metal to be useless. Anything that conducts electricity is useful. You cut open a phone chord, the the tube is usually copper, but when you look at the jack end, in some cases, the metal the goes through the plastic end nub is gold.

Older uses of gold:
Remember Gold is really malleable, and simple (while not necesserily easy) to find. It is perfect to make into graven images.

In many places, it looks like Iron was mroe vaueable:
Here

In many cases, I don't think that Gold was as precious as we make it today. Yes, it bought a lot because metalwork was rare, but it's value in accordance to other things was lower.

Fair enough, I'll try to be more clear in my ramblings too. No worries .



I'm sorry I wasn't more clear in the context of my statements. I'm talking about gold as used historically as a commodity money. Historically, gold has had no use value (above decoration, etc), thus it was used as commodity money.

Please don't misunderstand my point as gold has no uses today. I know it has plenty of uses today. My point is that it had none of those uses when it was money and that's one reason why it was used as money. Thus, it is similar to fiat money because fiat money has no use value (other than for exchange).

[edit on 31-8-2006 by ArbitraryGuy]

What did you mean by backed by 15% gold, is the euro actually redeemable with gold? Can you take your euros to a bank and get gold or not?

I'm not so sure this is entirely true, there was a documentary a few years back that purported Ft Knox has been emptied of gold, and said that the gold had been used by the powers that run the Fed, and exists, if at all in gold bullion, only in their out of the country bank accounts.

I'm not saying it is true, but have been wondering ever since where the gold might have ended up if in fact it is not in Ft Knox.

I have no information about the silver and foreign currency reserves you mention, but would think it very likely that the Fed does indeed have huge reserves of some kind.

Well the rumor persists that all the gold in fort knox was shipped to england in the 1960's to try and keep the price of gold at $35 an ounce.

link

The closest I am to it is stock in a canadian zinc mine that says it will have
silver too. Not that keen on public stocks but metals are important.

Really? What do you invest by? It sounds interesting. Please send me some info.

But here are some from a list at yahoo stock pages.
After a long time on stock pages people went into metals and one
put out a list, I just follow some of his listings. goldismoney.info and
other boards exist.

On SLW I just put 'silver is rarer than gold" with your links

SLW SILVER
WHEATON
CORP 11.00 7.09%
CZICF.PK CANADIAN
ZINC CORP 0.6356 3.14%
LORL LORAL
SPACE
NEW WI 26.23 0.08%
GSS GOLDEN
STAR
RES LTD 3.17 3.94%
WRN.TO WESTERN
COPPER CORP 1.18 0.85%
NEM NEWMONT
MIN
CP (HLDG 49.18 3.40%
SRLM.OB STERLING
MNG CO 4.87 4.32%
SRLM.PK

Interesting. I think silver and zinc are very good investments these days due to their good conductivity of electricity which may be used when there are more problems with petroleum. Metals thats conduct electricity may be focused more on.

I've read somewhere that 90% of the silver mined in history has been consumed. There's only a fraction of pure, unworked silver yet. That's why it's rarer than gold at the moment.

Alternatively,

Illicit Drugs, Preserved Alcohol, and Preserved Cigarettes will not devalue, they'll increase in value, during a major depression of the U.S. economy or if the 'crap hits the fan' and we have total social upheavel and anarchy.

So if you cant get your hands on gold, silver, or precious gems lol, stock up on beer, cigarettes, and whatever else you can get your hands on.

Edit: I'd suspect in an anarchic, ruined future, even the seeds that grow illicit substances would be way more valuable than they are currently.

[edit on 11/8/2006 by runetang]

the topic of the thread is gold back currency.

who cares how rare gold is.
----
i read somewhere that the dinar is backed by gold. this is why the islamic contries have been buying gold.

the world bank has been keeping a tight fist on thier gold (i think this is where all the gold in ft. knox went) keeping prices high.

i also read, that china will be reinstating the gold backed currency, as soon as opec switches to the euro for trading oil. (notice they refuse to unpegg there currency, which was a rule when they entered the wto. they are now, i think, 4 years past the dead-line for unpegging it.)

when this happens, you will see all the countries who hold dollars, quickly dump them. and you had better been holding some gold.

then, china will make its move, and soon there after will be the foriegn reserve currency. then china, assuming USD is done with, will be the worlds super power.

so learn your mandrin everybody!

Money, that is the currency, is backed by the law, and so by the Government. It is ILLEGAL to refuse currency as a form of payment of debt, that is if I owe someone $10, they cannot by law refuse my $10 note. (true for Australia, not certain for US but prob so)