Forum Post: There isn't enough gold

Everyone talks about a gold standard but the truth of the matter is there isn't enough gold in the world to back all of the currencies in circulation today!!

There are 30,562.5 tonnes held by Governments worldwide. That is 155.1 billion dollars worth (I rounded the value of gold to $1500 an ounce it is trading today for $1622).

Do a little math... Our government debt is 15 trillion

15 trillion/155.1 billion=96.7

This means that America would need almost 100 times the amount of government owned gold in the world to pay off its debt. (most of the world gold supply is owned by governments).

America has 8133.5 tonnes of its own about 41 or 42 billion dollars worth.

We would need 357 times the amount of gold we actually have to pay off the debt.