Why The US Must Consider Returning To The Gold Standard

[@mattclark6482]

Adoption of the gold standard forces the government to have a balanced budget (not sure why he didn't mention that). The politicians lose all their supposed power once they are forced to produce a balanced budget and thus they will never vote for it or even consider it until the most dire of circumstances are created.

[@anchorsaweigh9893]

“Forced Into It”

[@paulbaker5085]

Most likely right but then 90% of Americans would be on welfare

[@redhandsbluefaces]

I would say a banking crisis would be dire enough, don't you think?

[@anchorsaweigh9893]

@@redhandsbluefaces I am wondering that myself……

[@christopherstewart9874]

Unfortunately, it wouldn't force a balanced budget. It didn't stop President Johnson from running a deficit trying to fund both the war in Vietnam and a Great Society spending binge. Had President Nixon not closed the gold window, foreign countries demanding to exchange their dollars for gold would have stripped every last ounce of gold the US had, and then forced the US into default. The problem is not gold standard or no gold standard, the problem is the Congress WILL NOT limit spending so that it doesn't exceed tax receipts. The problem isn't the gold it is the lack of political will, which of course is caused by people voting for the people who promise bread and circuses. If the US went back to a gold standard, we couldn't keep it. Gold bugs are fond of saying that all fiat currencies in the history of the world have failed. What they never say is that all gold standards have failed also. You are right, though, that Congress would never vote for it.

[@hubtai]

If US dollar is linked with gold price, it would limited the Federal Reserve ability of printing money.

[@id10t98]

Ok, imagine now if the Federal Reserve had never increased the money supply since 1973. The USA population alone has doubled which means there would be double the people competing for the same amount of dollars. For example, if there was $100 for every person in the USA in 1973, today there is less than $0.50 available for everyone. Do you see how the fight for US Dollars would be intense? A weekly salary would only be about $150, houses would only cost $14,000 and new cars only around $3,000 because there simply wouldnt be any currency available for people to spend. So the insanity of never increasing the money supply when the population is increasing will stagnate an economy quicker than anything.

[@aaronb8698]

Its the fed that is the problem on every level. We never needed them to con us one fractanal lending. The run on banks is solved with insurance on banks total disclosed debt and regulation as a law.

[@id10t98]

@@aaronb8698 The Fed is not the problem. Corporate Amerika is the problem and their refusal to pay real wages for the 21st century. Had the minimum wage kept up with inflation it would be ~$19/hour USD, not $7.25/hour it is today.

[@quant2011]

you mean fake money?

[@gregd4391]

​@ID10T Thank you for those Keynesian talking points, demonstrating how appropriate your username is, and your complete ignorance or how the gold standard work.

[@khoirulanam9141]

Printing money out of thin air is the greatest crime of the 21st century which has never been punished.

[@jimmillward3505]

They dont want a gold standard, it would mean the government cannot finance wars and would have to exercise fiscal responsibility.

[@politicalreal7813]

Nice he's an imperialist

[@SonsoftheEagle]

Outlaw jews. Only way to save America.

[@jakepowell115]

wrong, the U.S. bad massive deficit spending during World War II and Vietnam

[@ButMARZZ]

You do know that those were big wars right? Now we operate on that debt on the regular, no we eclipse it on the regular

[@AndyTN64]

Plus government have to shrinks and be effective, mean less controls over its citizens.

[@akfinn5308]

Thank You Mr. Forbes. Your suggestions are answered prayers for me. I've been trying to tell others but I'm just one old woman. Thank You for opening your mouth!

[@TheToledoTrumpton]

There isn't enough gold in the world right now.

[@steliokarouta1917]

@@TheToledoTrumpton sure there is, just not at this price

[@BlenderTutsWithRob]

I'm worried gold could be created in an expensive lab 😆

[@dtsai]

LOL! Here is a History Lesson! First they had nothing but commodities to use as Gold, such as wood and salt. That's called barter. Then they realized, wouldn't it be better if I sold my wood and salt instead of having to keep it as my money? So they started using Gold and Silver. Then they realized, they still had the same problem because Gold and Silver are also commodities. Why are we using something valuable that is basically like using Gold and Silver to track the score of a Basketball or Baseball game? We should be using something worthless, such as paper! Commodity and Gold backed currencies constantly failed. Why, because they either kept running out of the commodity or got stuck with too much of it and they became bag holders! Imagine someone with all this gold and nobody wants it! One guy in Japan cornered the Copper Market and then got stuck with all the Copper that nobody wanted! LOL! Before 1971, a depression and poverty hit every 10 years simply because the USA didn't have any more Gold for their ever growing population. In 1776, there were only 2 million people, so they had plenty of gold coins to print and give to people to trade. How many billions of people and coins do you need today? Would you work for 1 gold coin per year? Remember gold is rare and literally finite. In every accounting trade to buy food, you must sell your US Dollar or Gold. You going to buy a burger for a $2000 gold coin? And the same thing happens with gold backed currency because there is finite gold but infinite demand for money. Those countries end up bankrupt because everyone actually wants the gold but there is never enough gold and money. Fiat currency solves that problem because people never fear running out of money in circulation because they know the gov't can always print more. The gov't can't print more currency in gold back currency without literally devaluing their currency.

[@zoraster3749]

If we returned to a gold standard we’d have to balance our consumption with production. Not something we’d readily volunteer for but will likely be forced onto us within the next 30 years. Instead we produce currency with the stroke of a key and export that to the rest of the world. Which isn’t a bad deal if you can maintain trust and balance the budget. We’ve abused our privilege of having the world’s reserve currency and the bill is starting to come due. We should have had zero National debt in order to protect this precious privilege which has prevented so many wars by giving us economic leverage. Instead we have squandered what was paid for in blood on the beaches of Normandy and the sands of Iwo Jima to avoid short term discomfort (71, 01, 08, 2020, etc.)

[@rudeawakening3833]

Profound !

[@ibrahimn22]

Abuse of power is natural for you .

[@parkercubing3339]

That is the may things are meant to be, nothing comes free. A return to the gold standard would force people to make better economics decisions for themselves. No free lunch (social security, etc.)

[@paulr6922]

Americas best allie and friend? You'll never look their for America's severe problems.

[@robertdlucas7418]

You mean the next ten years.

[@Halaqa]

I 100% agree. Bring back the gold standard!

[@bullpup1337]

Politicians only like the gold standard when they are not in power.

[@alexandervarsic9515]

Glad I’m not the only one who things the gold and silver standard would be great for our economy

[@nonyadamnbusiness9887]

Gold and silver? Bimetallism has already been proven impossible to maintain. Pick one.

[@bobsilver3983]

Buy physical Silver, 90% silver "junk silver" is getting hard to find right now.

[@user-yc5ex7ph3o]

Could not agree more my friend

[@ScreamingEagle-xl3tw]

I'm 100% on board! Most important issue facing us.

[@sujesh4684]

This is real wisdom

[@DapiferAdLignumVitae]

Gold standard limits government spending. I think that speaks for itself why they did away with it.

[@Alex-kp3hr]

I agree with you. Limiting government spending would mean no more money spent on super duper military spy aircrafts, no more money for Dr. Fauci's gain of function research, limiting government officials pay and retirement increases, stopping assistance to illegal non-citizens especially from any muslim countries, plus sooooo many more unnecessary spendings.

[@momoz88]

It will be great to have more debates about the gold standard. In Islamic economics money should be backed by an asset with intrinsic value preferably gold and silver.

[@markfreedman2470]

Right on the monay, so to speak. Excellent video! Thanks!

[@ri0t-Rick]

Gold and Silver! Gods money.

[@TonyFreeman-LocoTonyF]

I agree. We should have never left the gold standard.

[@bobbyagee3796]

I like the explanation of the balancing of the M2 supply. Above $1900/ozt print less, below print more. But first the system must be reset for inflation. We should all establish our own individual gold standard based on annual wage earnings and and monthly expenditures.

[@dwoolf7019]

100% agree. We need that check on rampant spending back in place.

[@timhart3302]

There isn't any MUST CONSIDER, Steve, it's MUST!!!

[@stevenlight5006]

Truth is . thank you Mr Forbes

[@BayneBoy1]

Thank God. Somebody with sense.

[@frankhand8805]

Dam right America needs it's own money, not foreign FED controlled money . (Debt) or digital fun money.

[@Roylamx]

Ignorance of this is ruining our nation in so many ways it is a huge crime.

[@brucehoffman4010]

Your 100 percent right

[@KJ-su4ph]

Good idea, but will never ever happen. Never. Ever. So forget about it, and try to solve this giant world wide financial mess somehow else.

[@cheekibreeki921]

I'd elaborate but my lawyers have advised me not to

[@demolitiondan1188]

Amen brother; preach it man!!😁😁👍🏻👍🏻

[@ernestayo6131]

Forbes is not wrong!

[@Vincent-en8kp]

Makes sense

[@jamesduclos2545]

Thank you so much, Mr. Forbes!

[@willishere321]

This is actually a really bad idea. The US has been off the gold standard for decades and at this point going back would tank the dollar’s value. There’s a reason why it’s in our constitution not to question our debt. Theoretically, the US has an unlimited supply of cash and the only thing that could possibly disprove that theory are individuals questioning our ability to repay it. I don’t understand why politicians and economists don’t get this. It’s actually one of the most unpatriotic things you can do

[@jonathancheung8256]

So glad you are starting the conversation, educating the American people, and disspelling missinformation.

[@thaler6363]

I agree 100%

[@Saltatory_]

We closed the gold window in 1971. The stagnation in real wages for the median started in 1970ish. Any relation?

[@JonBrownSherman]

No, there isn't. You need to learn history better.

[@Saltatory_]

@@JonBrownSherman thought provoking. Ok, what is your alternative hypothesis for the stagnation in real wages starting in the early 70s in the US?

[@shannonwalker7171]

The US and Europe's attempt to return to a gold standard after WWI caused the depression that then led to WW2. China, not exactly an ally of the US, is the largest producer of gold as of 2023. The USD is about 60% of the world's foreign currency reserves. How is a gold standard in our interest, exactly?

[@robertovazquez8512]

Agree

[@theodorearaujo971]

We left the gold standard because of inflation and the fact that France was using dollars to redeem (purchase) our gold reserve. Everyone who thinks tying the value of the dollar to any commodity will stabilize the dollar, limit inflation, or force the government to limit debt is delusional.

[@nonyadamnbusiness9887]

You don't seem to have a very good understanding of the gold standard. I'm not for it, but the reason it collapsed is because governments constantly cheated the system. Silver as the standard for money lasted thousands of years, because there was enough of it that it was nearly impossible for governments to manipulate it.

[@bammalife8387]

Fiat money will always fail in the long run

[@jaydemay7]

I concur completely

[@devondevon4366]

That is not going to happen. It does not have sufficient gold to do so.

[@rafihmahfooz5074]

Excellent idea

[@mrbroccoli7395]

It was Tricky Dicky who abandoned the gold standard. His nickname will tell you if it was a good idea.

[@MrGchiasson]

How much gold do we actually have? Enough to support how ,much gold-backed cash? "End the Fed."

[@Crypto_Circus]

You can't use the Gold Standard, not enough Gold in the world to back every dollar. Also Gold is just a metal, the price can be manipulated just like the dollar.

[@Halaqa]

This is just false. It's actually based on petrodollars now anyways, and that clearly is not better.

[@drx1xym154]

These sentences contradict each other... Gold is a monetary metal. Silver is industrial (electric and electronic and beyond) metal and a monetary metal ... sort of like copper yet different. To a point anything can be manipulated by paper (fake) contracts. These contracts are not void, however and they would likely claim a _force majeure_ or "events beyond their control" - which is kind of *funny* coming from _market riggers!_ Governments love a _fiat currency,_ because *banks* and the current bankers cartel love the fiat currencies, since it can be created at will, out of nothing, for nothing and then those banks and bankers can make currency and even *money* on _ALL SIDES OF THE WAR_ debt, destruction and misery they let loose! Gold (requiring logistics, resources, geologic science, mining, recovery, refining - at cost) add discipline - since it is resource intensive to extract, refine and secure gold. BTC has similar characteristics - such that it requires mining (processing) rigs, resources, power (watts of electricity), Hash POWER (for Proof of Work SHA-256) and this also secures the network. Both can add discipline to the current _money drama_ and the USD is the fading _King Petro Dollar._ The current regime in charge of the USA has seen to its slow (or fast) demise. The gold standard or a strong, distributed, proof of work - value network - such as BTC - could fix much of the problems on Earth. Fix the money, fix the world! BTC, in theory would take money out of the hands of the governments and the bankers cartels and put it in the BTC notes, mining rigs and facilities and other adds to scale and keep the network secure. It can be done - maybe we use both gold and BTC? Paxos Gold - ETH/ERC 20 crypto token and BTC could work! Can they scale reliably and securely? That is often the crypto _trilema!_ Maybe we would also need LTC (4x the quantity and 4x faster on chain) with BTC and Pax Gold.

[@robinj.9329]

He is exactly right !!!

[@hirokomlm131]

I feel like going back to gold standard is not that simple. Maybe it might stabilize the dollar at the 3 cents it's currently worth, but it can't return the dollar to it's original worth. Banks would also have to start temporarily giving away homes, cars, and land for free to correct the ridiculous cost of living. Yeah, I'm talking about you Black Rock.

[@jean-robertlombard1416]

Bonjour de France. Well done all you stackers!!! Times of recognition are ahead!!! Let the masses laugh and keep stacking gold and-or silver! Bon courage!

[@aleksandr678]

It's about time.

[@captretired159]

Nixon Should have been jailed for this idiotic move.

[@renerodriguez-rigal3021]

I do believe that a return to a stable currency backed by gold would be best for the country and especially the middle class!!!!!!

[@waldwassermann]

Love is the real gold...

[@dustinmiller2775]

Both come from God

[@md.abdulahadchowdhury9256]

That's Right.

[@dww1213]

Appreciate this synopsis. Just have to figure out how to convert stocks to physical gold.

[@bobbyagee3796]

Trade for ticker GLD? Sell of a fraction of that for currency. Purchase physical gold from an online repretible bullion dealer or LCS (licensed coin shop).

[@Snow248.]

Currency doesn’t need to be backed it merely needs an agreed value that every other items can compare against. This is why gold used to be the standard not because it is actually special but there is an agreed upon value. Just like with anything else a surplus devalues every item while limited supply makes it more valuable. It’s simple supply and demand and to control the supply is to control the the price, it’s why the US government would rather the dollar to backed by itself than gold.

[@eljefeog]

yes, but when you have anomalies that cause the economy to crash like in 1929, the gold standard impairs liquidity, preventing a more rapid recovery. Also, why gold vs silver or another precious metal or even bitcoin ? The gold standard forces currency to be finite, preventing inflation, but why gold versus something that might have more liquidity in an economic crisis?

[@Roylamx]

The Fed admitted they caused the crash and the Great Depression.

[@arifurrahman5991]

Only reason gold standard was removed to create higher differenciation between rich and poor. If the gold standard was in place, people would know how much the goods and services are actually cost. Peoples saving would mean something. Now, every year, inflation rises, and we have no cule what the fck we are goona do. Imagine in 20 years from now when the average salary is sill 70k and one month rent is also 10k. Good luck with that future.

[@elliottharris9015]

This sounds like a good idea, but I doubt it will happen.

[@killdeerperiland3303]

ya right

[@tdmuray9746]

Bravo!!!

[@thaler6363]

I remember when we were on the gold standard things were much affordable and our country was rich.

[@Bluets023]

It,s by design !

[@FoxEyes]

We're in a complete societal bubble RN maybe won't Burst until the next 50 years at the rate we're going. Heck there's no amount of gold that can justify the trillions that we've grown accustomed to spend every year just for economic and societal upkeep. In the end we'd have to go through a complete societal and cultural overall that would include mostly population decrease along with the shrinking of most top world economic infrastructures along with going back to fundamental pias Abrahamic values to bring up a new generation that's accustomed to life under the gold standard.

[@toldyou6150]

Why do you think they poisoned 70% of the population with a vaccine?? You had to have been knowledgeable about their intentions decades ago to escape the madness. So when everyone thought I was mad... guess what? I wasn't and I'm safe.

[@aaronb8698]

it in much simpler terms it would mean that you are responsible for your parents retirement and medical bills with no ssi and trade deficit would be super important and government would not be abel to print trillions to send to lockheed martin to build bombs for new proxi wars everytime a president wants to cover up a scandal. They might have to make every gun or bomb with inlisted personnel on salory only.

[@kamleshthaker]

Great!!

[@williamsorensen9680]

Keep up your vision and sense of reality 💪😊

[@medusaskull9625]

There is no gold in the vault. Gold standard required you to have gold in the vaul.

[@highyadoin]

Fort Knox is empty

[@cheekibreeki921]

If that were the case, why's the military still standing guard?

[@paulr6922]

America doesn't have the gold to do that.

[@matthewmarshall7996]

Lets do it

[@ZeroESG.goopootoob]

"The US must _consider_ returning to the gold standard?" How 'bout, must _completely_ return to the gold standard.

[@Roylamx]

We will, but not until everyone experiences all the horrors of CBDC.

[@GammaBay007]

Gold was taboo but it’s easy to see it’s value now under current conditions

[@lakeguy65616]

The problem is a gold standard is simple. The money supply must grow at the same rate that an economy grows. Our economy has the capacity to grow faster than gold can be mined. That would limit our economy. It would be far better to limit growth in the money supply to growth in GDP. If the economy grows at 3%, allow the money supply to grow at 3%. During recessions, keep the money supply constant. The extra money relative to the reduced GDP will have the effect of stimulating the economy.

[@larryhardee1914]

At least we would know what we have. Today we are not sure what we have.

[@larryhardee1914]

Maybe we can go back to the days of Reagan and the early Greenspan. You know the days before Clinton got his ear and he started talking about “irrational exuberance”.

[@jehanchia457]

The time when the US returning to the gold standard is the time when the US themselves have lost trust in their US dollar currency.

[@sambananas4513]

Steve Forbes is "the voice of reason" on gold.

[@beauford731]

It needs to happen. Make our dollar worth something

[@inflationking1271]

The price of Gold would have to go up to 20k with the current US debt. Whoever sells for 1900 is going to be screwed just like in the 1930s

[@tallswede80]

didn't forbes say that SVB was the best bank in the world?

[@danielgant2214]

Given the outrageous amount of dollars in circulation, and given the amount of gold we have ( supposedly) , wouldn’t gold have to be revalued at some crazy amount, like $20,000/oz for us to get back on a gold standard?

[@BookerT1]

We have a economy dependent heavily on discretionary spending. Going on a gold standard would vastly reduce the economy. But the bright side is that It would force everyone to focus on the basics and cut all the BS. And if its not deflationary then this means the economic environment will be the exact same except the numbers are smaller. If im lying then look at life when the country was on a gold standard. A summer vacation was going to your grandma's house across town.

[@ibrahimn22]

You can't have a gold standard unless you have laws against hording gold . This will cause liquidity issues forcing People to trade with other methods.

[@armo4594]

Gold is King.

[@ycplum7062]

We will never return to the gold standard because WE CAN"T. There is not enough gold to cover the US currency (much less the others) in circulation.

[@foolsleadtheworld578]

Learn division 🤔🤔

[@cheekibreeki921]

That is simply false.

[@gbshh9037]

It's too late.

[@richardbenjamin5364]

amen Richard Lake County Ca.

[@jpdurr]

It's not a practical option. We are in 21st Century. It would cripple the US economy.

[@Agentsierrabravo]

Who knew that giving multi billion contracts to lock heed would cripple the FED

[@jpdurr]

Neither the Fed nor the Economy are Crippled. Try The Real World Bud. @@Agentsierrabravo

[@SH-jg5zq]

👏👏👏👏👏👏👏

[@aerotus888]

How can they when they don't have any gold left

[@Roylamx]

Easy, use silver to get away from the completely corrupted system and back to honest money.

[@memphiskennedy9541]

FREE SILVER from the CRIME of 1873!

[@originalintent6916]

Forbes channeling Ron Paul - Who'da Thunk it? Better late than never!

[@RjReactionZone]

Would gold be higher or lower if we went back to gold standard?

[@josealvarez9517]

When someone is asking you to change a standard you have to ask what’s in it for them?

[@Roylamx]

Maybe as he points out once a standard has been corrupted it loses all meaning. We are functioning without an honest unit of measure for value. Fiat currency allows for the theft of savings and vote buying and secret, unaccountable government spending on a massive scale. If you like wars and deception I guess its for you.

[@user-mo3tv1oo3o]

Will never ever happen

[@petejames1326]

A question to all of you intelligent folks out there who are obviously into finance, what do you think the FED will ultimately do here with % rates? Will they keep raising rates to defeat inflation, BUT crashing the stock market and causing a recession in the process OR will the FED cut rates or leave them where they are, causing a market RALLY, but letting inflation get out of control, causing the US to become like argentina with its inflation, which option will the FED ultimately chose?

[@redhandsbluefaces]

Further bank runs and defaults will force the Fed to pivot. The Fed follows the 2-year yield curve, which the charts say the Fed will pivot, even though they haven't announced it yet. Also what a convenient coincidence that the CPI data is suddenly down a whole 2% right as the banking crisis started. Hmmmm...

[@bgalbreath]

It will choose the latter and inflation will continue to run. We have raised interest rates, but they are still 2-4 percent BELOW inflation meaning REAL interest rates are still less than zero and we find that too painful.

[@petejames1326]

@@bgalbreath can you see the USA with argentina type inflation soon at 50% 80% inflation? im serious, is this what it will be like OFFICIALLY?

[@bgalbreath]

@@petejames1326 I think it could come to that, but only after the USA loses its reserve currency status.

[@petejames1326]

@@bgalbreath what about actual weimar germany style hyperinflation, is the US "immune" from this because it has so much power? or is the USA even not IMMUNE from the laws of economics, and if you print trillions out of thin air, you must get hyperinflation, its just a matter of time right? or is the US immune somehow from hyperinflation, no matter how much money they create out of thin air

[@viniciuszampirolicerqueira2212]

The gold would be nearly 100k per ounce instead 2k.

[@alpardo4124]

It would have to be concurrent with the introduction of a new dollar.

[@countyourpennies8474]

Its taboo because the powers that be want a digital currency and the gold standard would destroy that. It would literally solve our financial issues. They simply have alterior motives snd are supremely selfish only thinking about themselves.

[@bbustin1747]

Unfortunately , returning to the gold standard takes away entitlements used to retain office or policies regardless if it’s in the best interest of the country and it’s people. I’m skeptical it will happen. Never say never

[@romyneri3699]

Have you checked if there is enough gold in the world available to back up US Dollars? Or other currencies?

[@nutsackmania]

what?

[@alexpearson8481]

Sure there is. But not at $40 per ounce.

[@quant2011]

yes, there is enough gold for everyone to have 500 ounces. Sure. Same like there is enough of resources for every adult to drive SUV

[@gregd4391]

The "there isn't enough gold" arguement is one of complete ignorance. Don't listen to people who make this claim. There is enough gold. If there was half as must gold or 1/10 as much gold as exists today, there would still be enough gold. But the value of the gold would adjust.

[@redhandsbluefaces]

Two words: gold reevaluation

[@tomjkoby2605]

US could also establish oil standard at $60 per barrel of oil.

[@lightfighter36]

Yeah, because people would never dilute the oil.

[@gregd4391]

They could, but it would still be illegal, unconstitutional.

[@onadioleonardho3336]

Just bring back the gold standard for US Dollar, no matter is 1:1 or 1:10, do this or USD will collapse 🙏

[@onadioleonardho3336]

@@St63420 could be 1000 : 1 just like the ETF gold and silver, this game is rig

[@jeanneelliott7243]

Pints of ice cream are now pumped with air to make it less. How do we return to the gold standard again??

[@MyName-tb9oz]

I wondered if anyone else had noticed that. I make my own ice cream and even the so-called 'premium' brands are barely edible these days. And that's at $6+ a pint. I noticed the increased overrun (that's what the amount of air in the ice cream is called and you _do_ want a little) a few years ago. It's incredible how they cheat their customers in every business now. This is what happens when accountants run businesses.

[@alexpearson8481]

Wild. Thank you. I didn’t know that, but we did notice how light ice cream is. Keep the push back to real food, not processed. Meat, veggies, fruit. 😅

[@alpardo4124]

You just begged the question of course, how?! It needs to be done but the question of how is the real problem. G. Edward Griffin has one example in his book, "The Creature from Jekyll Island". I'm not sure of the effect it would have on the market though. I think any plan would be a little chaotic to start though.

[@cheekibreeki921]

​@@alexpearson8481 know how to fix that? Abolishing the FDA.

[@cheekibreeki921]

​@@alpardo4124 downsizing the government by abolishing various Bureaus.

[@sanfranciscobay]

The current amount of Gold held by the United States backing the Dollar is $480.84 billion. The amount of Dollars in circulation in the United States is 2.3 Trillion Dollars. That's about 23% of the money in circulation is backed by Gold.