However, the US alone has flooded the planet with paper, and if anyone was to exchange the paper (and the bank balances) from US currency to gold, then the exchange rate would be a high multiple of today's market price.
Yes. This figure is about $32,000 per ounce. If every dollar now in existence in paper or checking account or other form (M3) were converted to gold, using the gold on hand in the US Treasury vaults (audited sometime in the 1950s, I think, so it is anyone's guess what is really there) the redemption could take place at $32K per ounce.
At the same time, it would leave the rest of the planet without gold.
Huh? How would redeeming all the paper dollars (and electronic dollars) for gold leave the rest of the planet without gold? It would leave the planet without dollars, certainly. But, the gold would immediately go into circulation for exchange purposes.
Regards,
Jim http://www.ezez.com/
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