Monday, December 29, 2008 1:56:52 PM
interesting article:
In the U.S, in 1973 gold held by central bank was 8,584 tonnes and currency in circulation was $61 bn. If we divide the gold held by the currency in circulation, we get a ratio of 141.2 i.e. 141.2 tonnes were held per 1 billion of currency in circulation. In 2007, the U.S central bank held 8,133 tonnes and the money in circulation was $759 bn. The ratio has now become 10.7 i.e. only 10.7 tonnes of gold held per billion dollars in circulation.
The falling trend indicates that more and more paper currency issues in circulation is backed by less and less gold. The backing comes only in form of the faith in the Government, which is fast dwindling due to the financial crisis and the massive bail outs, especially in US.
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