Gold and Debt: Astonishing Comparisons
By GCRU Gold News on Thursday, February 26 2015, 00:49 - Permalink
- If all the gold ever mined were used to back global debt, each ounce of gold would back about $36,000 in debt.
- But if we look at only the increase in global debt in the past seven years and compare to the gold mined during that time, the number increases to about $85,000 in debt per ounce of gold.
- For the United States over the past decade, official debt increased at about $160,000 for every ounce of gold mined in the US.
- All the gold ever mined in history would fit on a football or soccer field and rise to a height of about six feet. Clearly there has been little gold mined in the past 10,000 years because it is so rare.
- US government expenses are so large that the government spends the equivalent of its entire (official) gold hoard, at current prices, every 30 days.
- Gold is rare and much too inexpensive compared to the $ trillions of debt created each year.
- Gold prices will rise or the amount of debt in the world will seriously contract. Bet on rising gold prices.