Backed by Gold? What's Backing Gold?

tneig

It just sunk in.

Not only is there no more money backed by Gold, there is a very serious question of how much Gold is backed by Gold.

If the real, 1 for 1 Gold, for every Gold account is in question now. Then what is the state of Gold now?

Is it a virtual-backed inflated system now too-with a lifespan cycle? Is it becoming fiat gold?


(George Carlin was right again....)

KUCH

Yes, if physical gold is over leased/leveraged than it is now a fiat asset. Right? Reserve currency or monetary status is moving east. No doubt about that, right? So therefore, in simple terms, whatever the East, China determines is "money" will become so.

The longs need to step up to the plate and demand delivery now. Until that is done, it's fiat. Of course if central banks give up the gold, it will be time to find that bunker. Jamie, President of JP Morgan was in the news today, made we want to puke.

derryb

paper gold is not gold until actual gold is in hand. Paper gold is a promise and we know what those are worth these days.

US currency is nothing more than a promise/hope that someone will accept them as payment in the future. Without that we would not accept them.

jmski52

every Gold account is in question now.

And so is every other type of electronic or paper account.

Then what is the state of Gold now?

Nothing about gold has changed. It's still AU on the periodic chart.

cohodk

You cant spell GOLD without GOD.