what is the value of gold if there was no commodaties currency ?
May 13th, 2009
joe asked:
in the commodeties world or the buying selling and trading of raw materials like gold ,silver ,cotton, wood , ect there is a currency that is chosen to buy , sell , and trade the the commodety with in todays world it is the united states dollar , my question is referring to the possibility and the value of precious metals like gold , silver , and platinum and what would be there value if there was no commodeties currency to to value them .
MALDEN
in the commodeties world or the buying selling and trading of raw materials like gold ,silver ,cotton, wood , ect there is a currency that is chosen to buy , sell , and trade the the commodety with in todays world it is the united states dollar , my question is referring to the possibility and the value of precious metals like gold , silver , and platinum and what would be there value if there was no commodeties currency to to value them .
MALDEN
???? seems you are suggesting that it would be possible to continue the modern Capitalist System using a ‘barter’ economy ???
I believe not, however to answer your question, Gold would be ‘worth’ about 50 sheep or 20 camels or 1 ton of rice / wheat or barley or 85 pigs or 100 hours of work an ounce
In fact, coins made of precious metals (such as gold) is where our original currency (money) came from .. the exchange of sheep, cattle, wheat, and work for coins was how our capitalist system got started ..
Why not look up the History of Money in Wikipedia ? It’s an amazing story .. follow some of the ‘links’ and consider what our world would be like without things such as the Banks and the Stock Exchange and how Interest and Credit allows our modern world to exist ..
For them to be that gold is traded against basket of ways you can own gold is traded against basket of currencies not just the usd.
The usd.
For them to be traded in any case it should be that gold is traded in any case it should be traded against basket of currencies not just the usd.