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<p>[QUOTE=&quot;justafarmer, post: 705782, member: 3926&quot;]I posted this fact recently in another thread. The total amount of gold mined throughout history is estimated to be about 160,000 tonnes. </p><p><br /></p><p>To set all the outstanding currencies of the world’s major economies at par to current gold reserves – gold would have to be valued at what?- something like $500,000.00 an ounce. To achieve a gold back world currency – all the governments of the world would probably outlaw private ownership of gold and confiscate all privately held reserves. From that point forward economic growth would be constricted by annual worldwide gold production. Or I guess the IMF or whatever newly formed authority could pass a resolution increasing the value of gold to the amount needed for the targeted rate of economic growth. Which in actual fact transforms gold into a modified fiat currency.[/QUOTE]</p><p><br /></p>

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