Gold is the barbaric standard by which all other currencies are related.
<< Dima Bloom
You failed to understand. An ounce of gold is the standard by which all other currencies are related. That’s the reason you said, “if it takes 1700 to buy an ounce of gold, then that is what it is worth atm.”
That’s why it’s “worth at the moment.” As inflation eats away at the dollar, it could take 2000 dollars to buy an ounce of gold.
But you fail to get it through your thick skull: an ounce of gold will *always* be an ounce of gold, no matter where or when – it is always the barbaric standard. >>
You go to Europe and a European will tell you that it takes 1500 Euros to buy an ounce of gold. He doesn’t even care about dollars US. The Euro is related to gold, not to dollars! Gold is what they care about.