How would the world be different if suddenly, everyone had 100 oz of Gold more than they do now?

Baley

Second question: how would the world be different if there were NO GOLD AT ALL?

Nooker

Q1: everybody had 100oz of gold -> the price of gold would be about 5 cents/oz

Q2: if no gold existed, all those rappers would have white teeth

Edit: (meant for emotion to be big grin, not bouncing smiles)

streeter

There'd be a lot of boating accidents.

That's where I lost mine.

jmski52

Why is everyone taking their gold out on a boat anyhow? I did lose a nice pair of sandals one time in a canoe tip-over.

trozau

That would be a windfall for those who do not even have gold.

tneig

Q1: Then no one would care about it as much, or use it for door stops or a different color fishing weights. Everything would be covered in gold leaf, and it would used to tint windsheilds and coat roofs. The price could be lower than silver, and they could have maintained a gold standard of 1 to 1.

Q2: Then the hot PM would be something else like Silver and the price would be more modest than gold. Pirates would be bored, and there would be no "Gold of the Sierra..." movies. There may even be less war, less greed, and more peace. Yep, gold is the worst thing that ever happened to the world.


In general, I think you were looking for this answer across the two questions: It would be about the same.

cohodk

<< <i>Second question: how would the world be different if there were NO GOLD AT ALL? >>





Then we would be discussing conspiracy and manipulation theories about water.

CaptHenway

The world would be a lot heavier?

razzle

Fun question and answers. This is an entertaining board.
Question 1. The same people would wind up with it all, but the housing market would improve.
Question 2. We would have to invent it.

OnlyGoldIsMoney

Without gold it is likely iron pyrite would be more popular in crafting jewelry.

derryb

1. depends on how many people "everyone" is. A person with one oz. would become rich, a central bank with tons wouldn't notice the difference.
2. There would be something else in its place performing the same roll it does. Our ancestors would have found something else in short supply.

Overdate

(Edit: correcting for math)

1. The total amount of gold in the world would increase by about 150 times, to more than 700 billion ounces. IMO the price would fall to under $5 per ounce, giving everyone who didn't previously own gold a one-time windfall of less than $500. Since no new actual wealth (goods and services) would be created, this increase in the gold supply would amount to a worldwide redistribution of existing wealth at the expense of all previous owners of gold. All gold mines would close, as mining costs would now greatly exceed the lower gold price. The price of other precious metals would increase as demand for a metallic store of value shifted to silver, platinum and palladium. Many gold coins would enter circulation or be deposited in financial institutions at face value. Some people would spend or invest their newly found gold wisely, others wouldn't. Things would eventually return to something resembling the "old normal".

2. If all the gold in the world suddenly disappeared, existing owners of gold (private individuals and government) and gold miners would be the big losers. The winners would be owners of other precious metals such as silver, platinum and palladium, which (as in the above scenario) would become the metals of choice as alternatives to fiat currencies. The majority of people, who own little or no gold, would likely experience little economic upside or downside if all the gold in the world were to disappear. Again, things would eventually return to the "old normal".

Justacommeman

I think more people would be sleeping better

MJ

OldEastside

1) we'd all have chocolate covered gold

2) Everybody would stack LupinsYour Lupins Please

Steve