Federal prosecutors alleged that Sen. Bob Menendez accepted hundreds of thousands of dollars in bribes in exchange for the New Jersey Democrat's political clout.
“He will be sentenced on Oct. 29 and faces decades in prison.”
The problem with solid gold being a currency is even the smallest amount of gold that could be carried in small enough amounts to be used as currency would be a coin. A solid gold coin is roughly $2.5K.
You could break it up but you still have $625 pieces.
If we ever need to use gold to trade for food, you are looking at some expensive eggs.
I didn’t mean I would keep gold at home, but as someone fundamentally opposed to stock market investment, I would like to have a way to at least protect my savings from devaluation by inflation…
Just did the math - for all mined gold in the world (~200 thousand tons) at 9 billion people, that would give us 22.4 grams of gold as currency / personal property to spend at any given time, if no one on the world had any “savings”.
Considering that a 100 K EUR would already buy ~1.37 kg of gold, that’s a bit of a mismatch…
True story… when my kid got married and bought a house 5 years ago, I gifted them an ounce of gold. $1,800 then. $2,470.32.
So +$670.32! Yay!
But over 5 years? :(
$134.064 / year.
Erm - 6.5% interest rate is a decent inflation compensation. If there wasn’t a risk even with gold, I’d use gold as my “secure savings” account.
Random opinion: Ive never liked gold personally.
The problem with solid gold being a currency is even the smallest amount of gold that could be carried in small enough amounts to be used as currency would be a coin. A solid gold coin is roughly $2.5K.
You could break it up but you still have $625 pieces.
If we ever need to use gold to trade for food, you are looking at some expensive eggs.
I didn’t mean I would keep gold at home, but as someone fundamentally opposed to stock market investment, I would like to have a way to at least protect my savings from devaluation by inflation…
Oh, 100%. Gold is perfect for people that wish to avoid the stock markets. I even have a few coins myself.
I just find it ironic that if we ever needed to use our gold as a curreny, we would be fucked.
Just did the math - for all mined gold in the world (~200 thousand tons) at 9 billion people, that would give us 22.4 grams of gold as currency / personal property to spend at any given time, if no one on the world had any “savings”. Considering that a 100 K EUR would already buy ~1.37 kg of gold, that’s a bit of a mismatch…
This seems like a good post for a math sub for sure.