Gold Debate: Is A New Gold Standard Coming? - Steve Forbes | What's Ahead | Forbes

With an election on the horizon and with the Federal Reserve, our central bank, printing money to pay for Covid-19 rescue packages, are we headed for an economic disaster-a disaster only a new gold standard can fix? Steve Forbes on the value of the dollar, the rising price of gold and where our economy could be headed if the Democrats win in November.
What's Ahead featuring Steve Forbes provides his insights and perspective, to stay on top of what's happening in this ever-turbulent world with glimpses into the future. What’s Ahead airs Tuesdays, Thursdays and Fridays.
#SteveForbes #WhatsAhead
Subscribe to FORBES: www.youtube.co...
Stay Connected
Forbes newsletters: newsletters.ed...
Forbes on Facebook: forbes
Forbes Video on Twitter: / forbes
Forbes Video on Instagram: / forbes
More From Forbes: forbes.com
Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.

[@donsensay]

Getting the Dollar off the Gold Standard, Was A Massive Mistake.. 💯

[@rexbentley8332]

Was it a mistake or deliberate?

[@SenorJuan2023]

Then again, how bad would the Great Recession/current situation have been without the additional spending we can do now? Hard to say.

[@lamarravery4094]

But it lasted for 50yrs, kept the can kicking down the road but the road is coming to a dead end.

[@lamarravery4094]

@@SenorJuan2023 We're all benefitting in the short term, but the next generations are going to be struggling and it will be hard living for everyone.

[@SenorJuan2023]

@@lamarravery4094 It's been hard living for most Americans since the Reagan era.

[@TMJ32]

In general the people causing all the problems are universally opposed to the gold standard. That's a massive indicator that it's a good idea.

[@Moonlightthroughdarkness]

😆🤣

[@JuanRuiz-uf8dk]

Our gold standard is what made our middle class the most prosperous in the history of the world. We need to get back to it asap regardless of the temporary pain it will bring

[@MX304]

I hope it is coming sooner than later.

[@marcgraham6438]

I’m happy I bought gold at $1000/1100$ an ounce Silver at about $13.70

[@Jondsmusic]

You called this back in the early 90s along with a flat tax. You were right, it just took thirty years.

[@waltyrs]

Ya, no way that we can go back to a gold standard because then the federal reserve can't print all the money they want with no accountability.

[@daughterofpatriots3165]

Gold will destroy the Fed. -Q💰

[@aarongunnz9513]

10x10

[@lukesmith981]

Fed will go to a digital currency.

[@lindaandcharleswendt6802]

@@daughterofpatriots3165 fed has ceased to exist, banks are broke and it is coming

[@daughterofpatriots3165]

@@lindaandcharleswendt6802 amen.✅

[@oceanspencer1963]

Is that's why Buffett bought gold mine.

[@GtiMuchFast]

Buffett bought gold mines because there is no way interest rates are going up in the coming years and, therefore, bonds will be less attractive as an investment compare to gold so gold price will be going up and company producing it will make a fortune.

[@thelightworks9928]

Ocean Spencer affirmative.

[@bradleytinney6969]

Rick Rule says its due to Barrick golds positive cash flow.

[@goldenstandard187]

💯

[@inductivoc]

I’m excited to return our economic system to a standard that made it easier to keep the budget and to ensure that wealth is equally distributed.

[@markkevinapalisok3680]

Gold standard to return because of Covid 19 pandemic all countries were crashed

[@AKumar528]

So true. Most inequality can be attributed to corporate greed helped by dollar printing

[@printingwithpeek4897]

@@AKumar528 No, it's not by corporate greed. Businesses are in business to make money by selling goods and services to consumers. What we deem as corporate greed is nothing more than government enforced monopolies that have hindered growth.

[@phatfarmerfarmer2063]

@@printingwithpeek4897 I have to agree 100%. I can only say we better start teaching our kids about the value of asset purchasing other than keeping up with the every day.

[@normandolinic2044]

If they don't close the Federal Reserve ,it won't matter if we are on gold standard.

[@juanitachambley6661]

Its closed...Fake news wont tell you.....this is why the pedo dims are so mad (crazy) unless their misery ended in a REAL EXECUTION...

[@michaelc7302]

Maybe. But tack another zero to the $2,000/Troy ounce Steve .

[@pappabear4977]

Nah. I’ll take his word before yours.

[@michaelc7302]

@Lain Iwakura That is why I am not rooting for a gold standard. I prefer it unshackled to any fiat.

[@jchien]

Wow, call for a return to sound money...this is radical !

[@lamarravery4094]

These are radical times. There needs to be balance.

[@mainakmandal2003]

in future, in next 20 years, many more currencies will be in the basket of reserve currencies, with a fair share of gold,platinum and silver also. US can't dictate the world economy forever. Welcome to the multipolar world 🌎.

[@dannyr.8326]

Excellent Steve, I wonder why the delay? In any case, refreshing information.

[@moneybee]

Steve, great short history of the gold standard! There certainly will be some defining conversations ahead!

[@hopelessman7420]

This is good news for the Philippines, we have so much gold reserve. Hopefully, we are going back in gold reserve around the world. And the Philippines will be great again.

[@bableroybrown1]

Amen I remember good old day with the gold stand and you 6 bag food for 20.00

[@wesleyholmes3316]

Forbs you are a great man . Tell the wourld the truth about $$$

[@goldenstandard187]

IMMA BRING IT BACK

[@elizabethnilsson1815]

I agree. AT LEAST SOME STABILITY TO RELAY ON AS THE CURRENT MESS CAN NOT CONTINUE FOR HOW LONG EVER

[@TalkingHedge]

All they have to do is remove the "temporary" halt on the convertibility of US dollars to gold, right?

[@bluecollarmark]

Steve, we would have to default on all our debts, before instituting a Gold Standard. Reason is, all of our Creditors will request to be paid back in Gold instead of worthless dollars, depleting our Gold Reserves. Also, if we were to go on A Gold Standard and not default on our debts, Gold would need to be priced near $50,000 per ounce. Don’t believe this will happen.

[@lornagrande1850]

Thax👌

[@rogueraven1333]

I hope so but highly doubt it

[@goldenstandard187]

Goldenstandard

[@lucasgiglio2929]

It's october 2024. Haven't heard anything about gold standard yet but I'm waiting

[@anthonyjcaiazzojr8082]

There is about 1% of an ounce of U.S. gold for every dollar in circulation, U.S. debt and U.S. future obligations. The price of gold will sky rocket. People who hold gold will become fabulously wealthy.

[@كالقابضعلىالجمر]

if this happens what will be for gold and silver price ?

[@darrylsartwell9191]

Man I hope so

[@duprog]

Going back to the gold standard but at what price? With all the crazy money going around now, would the price be $2000 or $10,000 or even $50,000 an ounce. Too low and there is not enough gold in the world to pay everyone. Too high and it would shift an enormous amount of value to different hands and not necessarily friendly ones. Whatever is going to be done will mark an enormous change in the habits of people. It will also bring forward the real dimension of the deterioration of the value of the dollar over the last 50 years or so.

[@bobstanley8451]

We're going to be competing in a world with more than one reserve currency eventually, and likely against a currency that will be backed to gold. The longer we wait, the less competitive the dollar will be later. If we're to have any chance at hanging onto dollar hegemony, this needs to happen as soon as possible. Start backing at 5% with a timeline to reach say 10 or even 20% backing. Going to depend what our competition is doing.

[@aniketsawant2240]

But is there enough gold on the planet to back all the $'s in circulation?

[@pandorasbox9294]

It’s called a revaluation

[@9thwonderjr]

Diamonds and emeralds too

[@firearmsstudent]

@@pandorasbox9294 Doing that would cause prices of everyday goods to skyrocket to the point anyone who did it would be instantly voted out of office.

[@beverleysmith3629]

Maybe we have gold resources in Space to backup a shortage on earth, if they wanted to return to gold standard.

[@pandorasbox9294]

Beverley Smith we have have hidden mining reserves in different parts of the Grand Canyon

[@markodelagarza8099]

Great report, I loved watching you on Saturday Night Live...Teve Torbs.

[@indireshrv88]

Mr Forbes, what do you think the price of Gold would be when it is pegged to Dollar?

[@DissentOrConcur]

When will this happen??

[@P37RU5]

I hope you are right

[@sparcx86channel42]

there are no enough gold for that amount of money already printed. I'm not counting with that.

[@bhargi4692]

Depends on the price of gold, it could also be a bimetallic or trimetallic standard

[@talexratcliffe]

Does the US have the gold to go back in the gold standard?

[@rorytrue2835]

He makes it sounds so easy...

[@jayc4715]

No

[@robertanthony2009]

So Macro economics not being my strong point I'm thinkig USA needs to have huge stocks of the yellow stuff if they are to return to the gold standard Have they?.RUSSIA and more importantly CHINA could be in a stronger position to implement a gold standard to boost their currency and influence the world economy.

[@LoiTran-nz6dh]

This guy makes sense

[@GiRR007]

is it possible some form of crypto currency could be the new ;gold standard; ?

[@nanuarora2401]

Can they really fix the price of an ounce of gold to say $2000 usd? How will it benefit them and what will be the consequences for people who buy gold for investment?

[@jonthor2457]

Yes.. black gold

[@depecheddurand]

I would be surprised if we even go to the silver standard.

[@louistan7560]

Whatever the US does the day of accounting is near.

[@jasonlambert154]

GSX - Gold Secured Currency by Apollo Fintech

[@kenjimiao967]

It won't happen. Trust me, it just won't . Why the politician wanted to end the unlimited printing of money where they are the one benefitting

[@sisil1995]

Thanks for good news, excellent & simple explanation! If this is had been proved the best, then it is make sense to use it again! Do you know how it's application in daily life? How much the price will be in 2024? Is this gold standard will be applied for each country globally at the same time or only for usa? How about if the countries do not have enough gold? Can they use silver? With gold standard system, logically the higher the price , the better for country to pay their debt. What is the challenges or obstacles with higher price? Riot, Hyper inflation? if gold standard applied, does it mean no more debt jubilee needed between countries? Thank you for your inputs!

[@ericphantri96734]

Before return to gold standard we must erase debt first then change to gold by then we lose nothing

[@StartupFundingEventGlobal]

Goodbye to money as we know it!

[@ericjurgensen9233]

Little bit longer talk from you needed. With more of your insight on whats coming in your opinion. Tell us info youve heard from sources you trust.

[@Dfm_Sushil]

If that happen ...No more printing Money....and FED can’t pump money...in economy and USA economy can’t go up like now(maybe). 🤞.

[@peterburke8650]

Fort knox is empty.

[@edbrotherton36]

Why do people refer to the Federal Reserve Note as a "Dollar" when in fact the constitutional "Dollar" is a silver coin containing 371.25 grains of pure silver?

[@ericjurgensen9233]

I am pretty sure he was just using $2,000 as an example, if it were to be pegged to the dollar as of today.

[@zli7373]

Silver?

[@JinKee]

this man holds gold.

[@lamarravery4094]

I'm sure he does. He definitely has a stake in returning to a gold standard.

[@guitarplayernoteworthy2857]

Jin Kee After denouncing Gold for years!

[@jwac3io]

...as befits the world's reserve currency!

[@FrenchMontreville]

Kinesis monetary system is already making it all happen effortlessly with gold, silver and fiat integration...

[@Genalpahagirl]

Hello Steve. I do think it would come 2021 because that would be one jubilee since we left gold standard don't u think?

[@suemartine5913]

Food prices will remain high. Only assets that the middle class can make money on, like homes, are going to greatly decrease. But necessities like food will stay high priced.

[@ryan.1990]

Please please please

[@hvac97849]

The debate about Gold is coming

[@brianb6957]

There really is no debate, hard assets equal stability and reliability in the current fiat debt based world.

[@johnsavage8873]

Yeah, tying up limited resources in gold and silver is going to help people. This doesn't work. It allows other people to manipulate the value. We need to rid ourselves of the need for money.

[@leechapman7848]

Mr Forbes, what price do you think Gold will be settled at if a Gold Standard in introduced?

[@dondesnoo1771]

First have to decide what money is as james dines once said when gold was 250$ oz.🤗

[@nardocativo4845]

Philippines has more Gold...so it became reacher than the other country

[@chrisgouger9299]

Won't happen as the politically expedient way to solve the debt problem will be negative interest rates

[@fenixfp40]

Thumbs up, but you need your tele-prompt further away. X

[@choosiewhoo1700]

A new gold standard coming ? Ok, welcome !

[@royscown7113]

What does the Constitution say about gold and silver coin? Read first paragraph of Article One , Section 10. That establishes the gold standard by the supreme law of the land. Never amended legally - just ignored.

[@goldenstandard187]

💛💛💛💛💛💛💛

[@tiborsass5773]

Gold Standard = USA GAME OVER!!!! I'm waiting!!!!!! :))))

[@georgestreicher252]

Gee, I thought gold was a barbarous relic.

[@rkgaston123]

Steve, how will we return to a gold standard? Do you have a plan for that?

[@lindaandcharleswendt6802]

a very good plan the QFS is coming very soon

[@mainakmandal2003]

in future, in next 20 years, many more currencies will be in the basket of reserve currencies, with a fair share of gold,platinum and silver also. US can't dictate the world economy forever. Welcome to the multipolar world 🌎.

[@Stash186]

I can not understand how the how golds value can be fixed. China exports no gold and is an importer. What happens when China, India and turkey continue to hold gold? There is no was gold price can be fixed in 2020 nor should it be. That would allow continued manipulation.

[@cathykaplan7636]

About how long do we have to wait. Just ball park it.

[@SkunkRadio]

Cathy Kaplan according to this video, 2024

[@garyleewhite]

I think within 12 -24 months from now.

[@donkaras7161]

Federal Reserve is going bye bye.

[@nathanchang7713]

Bye bye Bitcoin & gimmicky ridiculously overpriced internet ‘currency’ aka Bitcoin aka Crypto

[@oddsman01]

How much gold is needed to return to that system? Just enough to equal all dollars in circulation? Wouldnt that alone raise the price of gold so high that every gold mine of the planet would be stripped bare? Or would the state need enough gold to cover the value of everything in the country? The math isnt adding up. What am i missing?

[@mikepatterson57]

15000 to 30000 i feel Steve;-))) Dow crashes to ard 17000 Then they give us electronic digits for so many $ .Back by a basket of things Gold , Silver , Land ,ect If we even have Gold? If not War? ;-((

[@rkyledahlberg]

It’s 2023 and we’re discussing bitcoin lol

[@kwak76]

If and thats a big if US goes back to gold standards. What happens to all the gold coins or gold people own? It's possible that the govt can confiscate gold like they did back in 1930's.

[@kevinhockersmith8149]

You believe gold could/or will have new standard at 2,000$ an oz ? And what do you think about Silver? It sounds like this won't take place until after 2024 election if I understand your meaning?

[@alcozome]

My savings account is ONEGOLD--------Every week I dollar cost average money from my CHASE account into ONEGOLD

[@kusheen...]

Kusheen was here...

[@Mrhughes947]

When are we going to go back to the gold standard, regardless of what other countries are doing to buy as much gold as they can, they'll never have as much gold as there is here in America, we have the largest amount of gold then any other country in the world combined. So yes in 2024 we will go back to the gold standard. If we don't we will loose our world reserve currency status to BRICS. And slide into the slot of being a third world country.

[@SabbathSOG]

if they go back to a gold standard, that means gold according to Jim Rickards would have to be about $50,000 per ounce.

[@kwamebushman606]

If/WHEN is the real question. IF we keep printing, they won't have a choice WHEN Pandora's box opens

[@ramiq7932]

If this happens every government on earth will make it illegal to own gold.

[@nanuarora2401]

Can they really fix the price of an ounce of gold to say $2000 usd? How will it benefit them and what will be the consequences for people who buy gold for investment?

[@beverleysmith3629]

Maybe we will have a different type of dollar- Digital $ backed by several metals. Each metal being placed on a tier. The old fiat will work alongside the new digital currency, under an easing or phasing out programme.

[@brianb6957]

So be it

[@JamesPossible]

pay attention to what is being said "what is a gold standard it means the dollar price of gold would be fixed today that might be say two thousand dollars an ounce". there are fears of gold reaching it's true value. fixing the gold price only benefits the government, it does not benefit the people.

[@sisil1995]

How many years will be applied using fix gold price? Logically government can adjust every certain period , let say every two or three years depends on the condition at that period. What do you think?

[@JamesPossible]

@@sisil1995 I don't see that happening. historically, when there was a gold standard, the statutory price of gold did not change for decades. the statutory price of gold changed, only after the government confiscated gold from individuals and institutions, making gold ownership illegal. Once the gold was collected, the statutory price of gold was raised, taking the price of gold from $20.67 to $35 a troy ounce. That was 1934, the current statutory price for gold is $42.22, per troy ounce, which was set in 1973, following the 1972 price change of $38. In 1968 we moved to a two-tier system of gold. The official tier would be the statutory price, which is set by law. The second tier would be driven by supply and demand. Gold represent power, authority and influence. If the government is once again considering a gold standard you rest assured it is not for the benefit of the people, it is for fear of losing power and control, globally.

[@matthew8153]

This in power will never allow those not in power to attain real wealth. So no, the gold standard is not returning.

[@peterwilson9327]

HODL GODL HODL GODL HODL GODL HODL GODL HODL GODL HODL GODL HODL GODL HODL GODL HODL GODL HODL GODL HODL SLIVER

[@ziggyc4474]

He has Darth Vader in the back i don't trust him

[@roll2wound30]

Gold is owned by the central banks and already wealthy in greater numbers then any time in history. This helps the argument as the rich and powerful already own the majority of gold. Making it a preferable method of wealth measuring then says sea shell, as the rich and powerful would have to buy all the sea shells before they would advocate it as money.

[@billmcallister1404]

Think of all the money spent on all the wars that made some people very rich more than enough to make America great again and then some.

[@Alifmedia11]

Did I saw z younger Warren bufite

[@guitarplayernoteworthy2857]

How could you not LISTEN to a BILLIONAIRE who just purchased gobs of gold stocks???

[@GtiMuchFast]

It's just logic

[@normandolinic2044]

It was buffet

[@tmanx133]

Wonder how they could move that value around the world instantaneously? XRP + Gold = New Digital Economy

[@jerryhoppe6901]

N.e.s.a.r.a. gold star dad in progress....disclosure in October 2020

[@denesaticar705]

Its good to back the gold standard u.s have a thousand tones of gold