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Entry Submitted by David Lawn at 3:51 AM ET on October 13, 2023
Currencies world-wide are to be revalued and pegged to gold.
See for example the 2015 paper https://j.b5z.net/i/u/2018731/f/RV-GCR.pdf.
Some countries will have their currencies revalued upwards (example Iraq), some downwards (example USA).
See the picture (from the above pdf).
The currencies will then be 1:1 with each other, each currency has the same value, equal to a certain pre-defined amount of gold.
I like to think of there thus being a Global Currency Note GCN equal to USTN equal to IQD equal to VND etcetera.
When this GCN is effectively created it is assigned a value equal to a certain pre-defined number of grammes of gold.
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Thus, monetarily, the price of gold is now fixed.
Gold trading exchanges for purchases such as for jewelry create something like a spot price that is expressed probably in GCN but will hardly have an effect on the GCN/gold price ration because it is not directly involved in the value of money.
What happens to the monetary value of the ounce of gold I have hidden under my mattress and wish to sell? If I go to the bank I get the pre-defined number of GCN for my gold. If I go to a gold dealer, a gold exchange, do I get more or less than at the bank? What does the price of gold mean now?
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