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FarCenter

(19,429 posts) Fri Aug 24, 2012, 05:38 PM Aug 2012

If the US were to go on the gold standard, then we would need to come up with about 10,000 tons of gold per year to fund our $43 billion/month trade deficit at the current price of $1673 / Troy ounce.

This would exhaust the US' gold reserves in just under a year. http://en.wikipedia.org/wiki/Gold_reserve

Republicans Mull Return to US Gold Standard

http://online.wsj.com/article/SB10000872396390444358404577608582233830256.html

Silly Republicans.

2 replies

= new reply since forum marked as read

Highlight:

The trade deficit is about 880 tons of gold per month (Original Post) FarCenter Aug 2012 OP

For Gold Standard as opposed to Reserves see here dipsydoodle Aug 2012 #1

(42,239 posts)

1. For Gold Standard as opposed to Reserves see here

Fri Aug 24, 2012, 06:52 PM

Aug 2012

(19,429 posts)

2. The gold standard is only feasible if there are enough reserves to back the money

Fri Aug 24, 2012, 07:34 PM

Aug 2012

Not just coin and currency, but all the money, especially that used in foreign trade.