Re: Why has the world agreed that an ounce of gold is worth 50 U.S. dollars?
by
V for Varoufakis
on 28/10/2015, 09:50:43 UTC
Because the quantity of dollars is 50 times bigger than the quantity of gold. For example if the total gold in the world is 50.000.000 ounces and the total dollars are 2.500.000.000 then 1 ounce of gold = total dollars/total gold = 50 dollars.