I am wondering why has the world agreed that an ounce of gold is worth 50 U.S. dollars?
Even in other currencies this price stamped on the one ounce gold coin holds true. Like the chinese panda, 500 yuan which is basically, approximately 50 USD. And the silver ounce is worth 5 USD... or similare amounts in other currencies... if you stack, you know this... it's like price hasn't moved since the 1940's... what do the banks and governments know that we don't? Are they planning to confiscate it all for that amount for each coin?
Or would they just confiscate the gold and let us peasants keep our silver...?
The world hasn't decided that an ounce of gold is worth $50. A gold ounce currently trades over $1100, and that is what the world has decided an ounce of gold is worth currently. You can stamp whatever denomination you want on a one-ounce gold coin and it will not affect the worth of the coin, which is based on the amount of gold in it, not the denomination stamped on it.