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<p>[QUOTE=&quot;Cloudsweeper99, post: 1078571, member: 3011&quot;]There is much less money in circulation than you think.&nbsp; As of 1/3/2011, the total was $916.1 billion per the New York Fed.&nbsp; Contrary to what people think, it takes a relatively small amount of money to operate the economy because of the multiplier.&nbsp; Each dollar is used multiple times during the year.&nbsp; The US has gold reserves of 261.5 million troy ounces, so all of the money in circulation could be backed by gold at about $3,500 per ounce at the present time with no additional accumulation or the use of other metals as reserves -- not outrageous since the amount of private gold isn&#039;t included in the calculation.&nbsp; I agree with those who say that gold and silver will never be used as money again, but it isn&#039;t because of the scarcity of the metals.&nbsp; It is because of political considerations.[/QUOTE]</p><p><br /></p>

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