Simple question, with untold ramifications, "What would the value of an ounce of gold have to be in dollars if the US wanted to back its currency with gold? According to official numbers, the US gold reserves are about 8,135 metric tons. Now, a metric ton is close enough to a normal ton to make no never mind, so we get...

8,135 tons x 2000 lbs/ton x 16 ounces/lb = 260 million ounces.

Now, for the other side of the coin...2.31 trillion dollars in circulation. close enough to make it 1 ounce of gold should be worth...~$10,00 0.

1 Timothy, I believe one needs to include not only money in circulation but debt. The debt is, after all, actually in circulation. That works out to a value for each ounce of gold of $128,554.62

2 Money iin circulation is not the only thing that would have to be backed by gold. So would federal debt have to be That would work out to a value of $128,554.62 for each ounce of gold.

3 Firefox appeared not to accept my post, so I went to Chrome. The boxes were prefilled, not with my name and email, but with gibberish, and my Firefox post did not show there either. I filled in my name and email to replace the gibberish, and posted my comment at which point both posts appeared. You really need a new hosting service, my friend.

4 Bill, I agree as debt is a part of the economy. Guy was making this a rather stragightforward problem that is more complex when one delves into it.

Aslo, we could use a multi-commodity backing standard - gold, silver, platinuum, etc.

But the problem remains; we are living WAY beyond our means and at this point it just wouldn't work. Nothing will save the U.S. economy now. We are the walking dead.

Bill, sorry for your problems with the site. I still have no trouble with it. But apparently it's not good for everyone's system.

But my ancient system isn't good for everyone else's  either. I used to be on Wordpress and on EBlogger and quit them both because of technical difficulties. Given the price of this service I can't pass it up!  I'm not in this for the money after all, and so I get great value for what I pay for this platform (free). 

I had considered substack or some other newer format but I would have to upgrade everything (something that would make Dana extremely happy). But I'm a creature of habit, and don't like change much. And I have a lot of other things on my plate to worry about.

5 Bill, occasionally this site goes potty, and I close my browser and reboot my whole system. That either works, or doesn't, and if it doesn't work I shut down and go to bed, confident that things will work next day. Wish our government were so accommodating.
Chrome? Don't make me laugh...

6

Now, for the other side of the coin...2.31 trillion dollars in circulation. close enough to make it 1 ounce of gold should be worth...~$10,00 0.