Quoted:
If they actually gave up on fiat currency and backed it with gold again, I wouldn't give a rat's patoot what color it was...
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M3 is the broad definition of the U.S. supply of money and is currency in circulation plus private checking accounts including those in interest-bearing Now accounts plus retail savings accounts and money market
mutual funds plus large or wholesale time deposits, money market funds held by institutions and Eurodollar deposits held by US residents at foreign branches of US banks as well as at all branches of Canadian and British banks.
For the week ended March 11, 2002, M3, the US money supply, (not seasonally adjusted) averaged 8161.5 billion dollars per day.
Divided by 33392 tons of gold, the known world monetary gold reserve supply in 1996= $244,414,829 per ton
$ per ton divided by 2240 pounds in a ton = $109,113 per pound
$ per pound divided by 14.58 troy oz in a pound =
$7,483 per oz. Sure is a lot of paper money floatin' around out there