Why a return to the Gold Standard will NEVER happen...

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[Abyss]

Thought provoking video BYB. So many YouTube expert advocates for the return to the Gold standard present mountain evidence this will inevitably happen one day. My personal beliefs major central banks can never go insolvent and in the western economies we will have stagnation because of the volume of debt and Asia will catch up in terms GDP to the west faster than most economist forecast. When the West and Asia have a level playing field that will determine what the true value of Gold is. Long term belief holding Gold not only protect purchasing power but will also keep up with inflation but don't think we will return Gold standard. Everyone should allocate a percentage comfortable with of their total net worth into Gold for insurance and protection.

[aucourant]

At present the USA is over $42trillion in debt (over $21trillion in direct debt and over $21 trillion in fiat currency sloshing around the world buying arms and oil etc). They can never allow that $21trillion to come back home. So the USA must force the rest of the world to use the Dollar as the international trading currency by force of arms. China can't call in their US debt because it would collapse the value of what they are own on paper. At present China and Russia are trying to break away from the Dollar by stacking gold to back up the Yuan as a trading currency between them. India and Germany and other great trading countries are also stacking gold. There is a reason for this. How long can the USA force the rest of the world to keep using the dollar? Saddam Hussein tried to break away from the petrodollar, Colonel Gaddafi tried to break away from the petrodollar. Both paid the price. But Russia and China and India are a different kettle of fish.

[savage]

The gold standard only really works if everyone in the system is honest. Sadly that will never happen. Great breakdown.

[discoverlaurence]

History has shown that all fiats eventually collapse. Yet, the shiny stuff holds its own. I will take any bullion over cash any day for items that I sell. From a secondhand bike to a house.

[fruhotchiliman]

That liberty head is so mind boggling beautiful *.* Thx for the video and for refreshing my knowledge on the subject! Cheers

[leeyou]

Interesting topic, really enjoyed it!

[goldmaple]

Backyard Bullion, the main reason why countries abandoned the gold standard was because basing international trade on one commodity was restrictive. Economies are diverse and dependent on many things not just one commodity: gold. Abandoning the gold standard also allowed governments more control over the amount of money they printed and the value they assigned to money.

[grants]

I'd bet less than 1 in 1000 people hold any physical bullion in the USA. Fact of the matter is most people don't understand gold so a return to the standard would just bring about confusion and put people at odds with their government. There's too much confidence in paper and that all stems from conflating currency with money. You could walk the streets all day and try to pay for a $10 item with 1 oz of gold or silver and be rejected 99% of the time.

[williamjones]

It can be done and it would need to be done if confidence is lost, its the only I see confidence being restored... but in my opinion it doesn't really matter whether your govt returns to a gold standard or not. Put yourself on a your own gold standard, by stacking the physical metal.

Whatever happens you will always preserve what wealth you have.

[happypanda]

Not many general public in the West understands gold. But I suspect the vast majority in the east do. Which is why countries like India and China have been importing tonnes and tonnes of the stuff.

[numismaticmaster]

I, sadly, have to agree. Your logic is sound. I personally would like to go back some sort of metallic standard, but I know it's not feasible.

[-allurerain]

A regular bullion stacker is much wiser than those so-called "economists" or "experts" on nice video

[goldsilvercryptos]

Hi Backyard Bullion awesome video. Given the history of our monetary system and how authoritarian governments can be with regards to confiscation of silver and gold, do you think it is better to get numismatic coins instead of bullion coins like the kangaroo, koala, Canadian maple leaf or silver eagle I have all bullion mostly 1 oz silver coins but also 100oz and 1 kg bars. Any thoughts on this please?

[silverstacklightning]

Maybe a future currency tied to gold will evolve rather than be designed for it's ultimate purpose. I mean in the way that the internet came from arpanet and the web was added later.
Maybe something will come from electronic payments between governments - a cryptocurrency - which eventually will be a method by which employees will be paid as it will be more reliable than fiat.
So it will be a world currency, backed by gold, used by goverments.

[stocktawk]

United States has so much gold now that they’ve arrested JPM .... so if there isn’t enough gold to cover the debt- the USA would raise the value of their gold, and then the value of their collateral is increased

[Bizjetpilot]

The population of India has much more gold than the USA. 22000 tons. So you are right.

[macrovigilance]

The coin is missing an 'L' .. it should say 'In Gold we Trust' . Fully agree with your sentiments, highly unlikely we are ever going back to a Gold standard, would be akin to going back to using black and white TVs!

[pablop]

I like this channel because Backyard Bullion is not afraid to go against the gold bug's grain about the gold standard. Most top economists who have studied this their whole lives would agree with his assessment. Sensible videos, and someone who loves gold and silver. Now about those fingernails....lol. Great video!

[ocomegashadowstacking]

Wow really beautiful looking design Coin ever 10out10!!! :D
And
I not have that Coins in my Coins collection not Yet!!! ^w^

[D]

Very BYB for the video. You give me something to watch/listen to while I Should be working