Sunday, June 11, 2017

Global money supply now requires gold to be priced at $67,000 per ounce if metal returned to back currencies

On June 11 economist Jim Rickards tweeted out an update as to what the price of gold would need to be to cover the money supplies of most of the primary economies if the precious metals returned to back global currencies.  And if you added up the M2 money supplies for U.S., China, ECB, M2 as of today, that price would be around $67,000 per ounce.

Interestingly as well, if you were to use Bitcoin to back all that currency then its price would be approximately $17.1 million per coin.
And sadly, this extrapolation will only get higher for gold and Bitcoin since it is likely the ECB, FED, Bank of Japan, and Bank of China will continue to increase their money printing, especially as the global economy appears headed into either a massive recession, or another potential crisis.


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