Is the Gold Standard Coming Back?
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- Опубліковано 8 вер 2024
- For the first time in 25 years, a country has released a gold-based currency. The United States officially left the gold standard in 1971, and Switzerland was the last to abandon it in 1999. But on April 30th, Zimbabwe officially launched its gold-backed currency, Zimbabwe Gold. Zimbabwe Gold (ZiG, for short) is the world’s first gold-backed currency in two and a half decades but marks Zimbabwe’s sixth currency attempt since 2009. While this one claims the security of gold, something the previous five failed currencies didn’t have, there’s more to it than meets the eye. Watch this video to learn more about ZiG and why BRICS is probably closely watching the currency’s success or failure. #apmex #gold #preciousmetals
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We need a gold standard to live in prosperity!
How does that work?
Be specific!
What’s the tax rate ?50 percent
Now study the Long Depression and Great Depression.
It's why it will never happen. They don't want overall wealth
Wow! I had no idea that Switzerland was on a gold standard for so long until 1999!
Switzerland abandoned the gold standard in 1973 when it transitioned to a floating exchange rate system. This move was a response to the collapse of the Bretton Woods system and the subsequent loss of exchange rate stability. So, no, 1999 was not when they unpegged the fiat Swiss Franc; it was 1973.
In 1999, Switzerland began the process of demonetizing gold and transforming a portion of its gold reserves into interest-bearing assets. This process was initiated by the Economic Committee of the National Council in February 1997 and gained public awareness in May 1997 when the President of the Confederation proposed allocating a part of the revaluation gain on gold to fund a Swiss Foundation for Solidarity. The Swiss National Bank (SNB) decided to donate 500 tonnes of gold to the foundation, marking the beginning of the demonetization of gold and its transformation into interest-bearing assets.
Thanks for the video, APMEX. Keep up the great work
Well...Zimbabwe still has more Gold than Canada...
Tell that to the Royal Canadian Mint.
The problem with your assertion, is basing golds value on the dollar and not the world's debt. Gold is and always will be true money.
That’s not really true.
Gold was not a currency in China
And silver was far more important.
Charlemagne had the silver penny.
That was 1000 years ago.
It was the only full body coin in circulation for centuries in Europe.
Silver was also the only current accepted in the east in exchange for pepper spices and silk.
Now think to the opium war.
Why?
Silver.
Silver currency all ended up in China to by tea starting in the 18th century.
The west ran low on silver.
So opium was forced upon the Chinese….. by war.
@@charleshinton8565silver is true money as well. Both are. Really any commodity could be considered such, its just that so few carry the properties to actually serve this role well.
@@charleshinton8565Read the Bible and get to know who God is. Gold and silver has been used in the Bible before China even existed.
The Zig is already working, the IMF visited the country and said the inflation will decrease by 7% by the end of the year, the currency keeps gaining value against other foreign currencies and no they don't have 1.1 tons of gold they have 2.1 tons of gold and other precious minerals. Almost everyone have accepted it and even those didn't accept it the government is still expecting them to pay 50% of their taxes in local currency which is Zig, soon they're going to get rid of the dollar and use Zig only as their currency
I looked it up before April first inflation was 200% a year. Since Zig, inflation only 15%
Sadly never! As prices of all leveraged assets (houses and stocks and more) would fall by 50%-90%. Big Corp and Govt loves currency inflation.
Switzerland abandoned the gold standard in 1973 when it transitioned to a floating exchange rate system. This move was a response to the collapse of the Bretton Woods system and the subsequent loss of exchange rate stability. So, no, 1999 was not when they unpegged the fiat Swiss Franc; it was 1973.
In 1999, Switzerland began the process of demonetizing gold and transforming a portion of its gold reserves into interest-bearing assets. This process was initiated by the Economic Committee of the National Council in February 1997 and gained public awareness in May 1997 when the President of the Confederation proposed allocating a part of the revaluation gain on gold to fund a Swiss Foundation for Solidarity. The Swiss National Bank (SNB) decided to donate 500 tonnes of gold to the foundation, marking the beginning of the demonetization of gold and its transformation into interest-bearing assets.
I'd take some of that gold.
Zimbabwe formerly Rhodesia used to be called the breadbasket of Africa. They grew enough food to feed all of Africa and they were one of the most prosperous countries in Africa. Then they kicked out the white farmers and now they are one of the poorest countries and can't even feed themselves.
I lived in Zimbabwe from 2001-2003. The govt had been trying to meddle with their economic system and force the markets to do specific things. This only created more disaster. Any time the corrupt government there tries to control or fix the monetary system it’s resulted in failure beyond the level they had already experienced. I very much doubt the govt there to ethically enact and abide by anything.
Your comment hits pretty close to home in the US as well. But we've also got a lying media to sweep our own rampant inflation under the rug. Most Dems don't understand why a burger costs $20 these days but accept it as normal. Of course, this also has a lot to do with an ever-increasing minimum wage in jobs that were never supposed to support a livable wage, but when you've got stupid and ignorant mixed together, the result is the same.
Some currencies are backed by a nation’s gold, oil, natural resources or an army.
Fabulous analysis! There were a lot of people in America buying up the old Zimbabwe currencies, so would these maintain any value should the Zig fail?
The billionaires are and have taken their money out of the banks, and cashed in their stock options!
Yes ❤I agree with BRICS and especially African nations should be backed with gold as we have the richest continent in the world 🌍 of natural resources on the Africa continent. Keep up the good work Zimbabwe 🇿🇼 which is Gold backed 🏆
If you can't trade their notes for specie at a teller window at a set rate, then it is NOT gold backed.
If you cant trade it directly for gold at a fixed ratio, NOT GOLD BACKED!!!!
Sounds like there's a new set of banknotes (and coins) I'll need to collect now! This is definitely interesting news - I'll be watching the situation with a great deal of curiosity to see how this goes down.
1 cent per zim........ 😌 please
The Constitution of US states that gold and silver are to be the only currency. Although we have always had copper pennies ( but not the zink junk)
Poorer countries copper coins are food foe barter
Govts are afraid that if they back their currency with gold that they would have to actually give people gold in exchange for their currency whenever they bring it to the 'exchange window'. They are afraid that their could be a run on gold and they would lose all of their gold they have in reserve which is why they don't back their currency with gold. That is just my opinion on the subject.
Good question ⁉️
Silver is the real money. Gold is pretty and plentiful and high priced relative to its overall utility. Silver is the real winner. Silver is still way underpriced.
How do you maintain a stable link to gold without loosing export competitiveness to countries with inflation and weaker currencies?
What happens in war?
Do you suspend gold payment?
What happens if a trade surplus becomes a deficit?
Does the link to gold ever get adjusted?
What happens when people start to suspect
a gold linked currency can no longer maintain the link.
Run
Do you want war
If they make gold into coins to try to pump the value of the 'currency' that is gold backed, how much Value does that currency actually hold as it devalues relative to something else like Silver?. If the real pressure is on Silver and not on gold, then which one actually has Value?
YELLOW GOLD!!! @o@
Didn't isis' califa also have only gold coins?
Operation Zimbabwe freedom incoming….
I hope for the sake of the people of Zimbabwe that this is not a fools errand, I can't help but feel a non-trivial amount of doubt here. Even if this isn't some kind of long con, anyone who has an interest in economics and markets knows that poorly planned economic engineering is always vulnerable to vulture type financial engineering.
If the economic anaylists looking at Japan's ficticous "economic collapse" has taught me anything, it's that world governments and economists are too terrified of deflation to actually do anything about it let alone go back to the gold standard. They simply don't understand basic economics and they'd sooner let the economy return to barter believing that "moderate inflation is a good thing". Even if Zimbabwe succeeds I doubt it will cause kansian economists to change their stance on deflation.
Rotfl
It’s not economics.
It’s human nature driven by fear and greed.
Hoarding is the gold standards worst enemy.
Hoarding is a result of fear of the future.
Expectations!
Inflation expectations
Deflationary expectations.
Inflation is easy to beat.
Stop printing money, raise taxes to take money out of circulation.
Deflation has no easy answer.
It’s all in the mind.
Goldbacks will be the new money.
Cowboy i going all in fysiek gold and silver 👏👍👈
In a war do you stop fighting if you have no gold?
No.
You issue paper.
That’s a big problem with the gold standard.
Paper that is first backed…. Then not…..
Fiat money is also ruined by war.
If you are talking about Zimbabwe ?? Its a gimmick The currency IS NOT redeemable in Gold The problem is that the Govt will Overprint the currency As usual
The russian Ruble is already backed by gold...
If it's not redeemable in gold then it's pointless, it's like me creating a "Ferrari backed currency" 1 = 1 Ferrari but never redeemable, any buyers?? I'll give you a good deal 10,000 "Ferrari's" for your house...I'll even write it on a napkin so you have a receipt...😂
Digital Gold, crypto is the only reasonable solution.
I’ll take a wooden nickel first.
There is not enough gold to back a currency.