Quote from: BitBustah on August 19, 2018, 02:27:35 PM

People often forget that new gold is being mined everyday. The annual inflation rate of new gold found is only around 1-2 % but we shouldn't pretend that gold is deflationary.

I believe America got off the gold standard when they realized they couldn't manipulate the economy unless they were detached from the gold standard. Now they can type digital numbers into their computers at will and create as much currency as they wish. The current economy runs off debt and without it everything would collapse.

But more gold is traded than physically exists thanks to the comex scam that is leveraged 400:1.

1-2% additonal gold would match world population growth but gold mine production is in decline, 7% reduction by 2021:
http://www.mining.com/overall-see-gold-supply-dropping-7-pct-2021-newmont-ceo/