<central banks still have some 30,000 tonnes of gold in their vaults, and most have pledged to sell their stock in an orderly fashion so as not to disrupt the market.>
30,000,000 kg = 1,000,000,000 ounces [more or less] = not even an ounce per person on earth. Therefore, it cannot ever form the money supply for people. Nor should it, because it is a lot of hard work to produce it and it's far easier just to define $1 = 1 human median hour, pixelate as necessary and store the details of who owns how many $$ on swarms of servers all over the world, which cross check with each other.
Wow, if central banks realize there's no more point holding gold than holding any other asset, and they decide to unload, it won't be good for the gold bugs waiting for the second coming. They'd be unloading too. There could be quite a panic. What a laugh that would be as all scramble to unload their gold at the same time.
The price could fall faster than the dot.bombs.
Gold is a medieval anachronism. It's now the 21st century. It's time to move on folks.
Mqurice |
