sweet idea and i've always wanted for something like this to happen, but as a retailer it would never fly. It would open up my store to a whole new level of counterfeiting. Unless the state is going to pay me to employee a jewelry or bullion expert, it is a lose-lose situation for business owners.
The one ounce American Silver Eagle coins are pretty easy to recognize. And it might work well in reverse too if merchants offered the option to customers to take change for $50 and $100 bills partly in ASEs.
Contracts that require payments to be made over a period of time, are of concern to some .Companies are looking at ways to collect periodic payments in something stronger than $ US . Some think ETF paper might be right for large transactions . ETFs are complicated by nature, how they are put together and how much real product is behind the paper. A lot of ideas out there .
Considering how many supposed 400 oz gold plated tungsten bars are floating around, quite a few according to some, I am steering clear of gold ETF's just to be safe. Although you'd think a standard could be achieved regardless of how much actual gold there is as long as the currency/gold ratio remains intact with respect to quantity. I'd like to see a bi-metal or quad-metal standard (with PGM's) personally so no single market can have a majority influence.
I feel like this was already tried out, much in the same way that speculation broke the bretton woods system of '44. To do it on a single country level..possibly, but with constant varying market rates for both gold ans silver, would be too much to ask of retailers imo.
When the gold standard was in effect , money was not covered 100 % in gold . I believe the idea of a portion to give the perception of gold backed is an effort being looked at. Pep
Yes, there is a difference between backing currency with some [or all] gold and letting gold circulate as currency. When folks talk about THE gold standard, it is important to designate which one they are talking about.
