Our dollar is backed by gold yes? Where can I trade my dollars for gold please thank you
2007-01-12 02:26:26 · 12 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
Gold is a great investment and a hedge against inflation. Gold has nearly tripled in value since 2000, and the trend seems to continue. Holding on to cash (a worthless fiat currency) is a bad decision, as you lose 5-8% of it's value every year, year after year, to inflation.
Unfortunately, the US dollar is not backed by gold or any other commodity other than "faith". If you wish to purchase gold, you will need to simple buy gold coins and bullion with your dollars. Gold currently sells for about $630 an ounce. Silver might be a better investment, as you can buy more of it for less--about $12.30 an ounce. Whichever you choose, it is a much better decision than holding cash or putting it in a savings account, where it loses value on a daily basis.
2007-01-12 02:46:55 · answer #1 · answered by surfinthedesert 5 · 1⤊ 0⤋
I'm afraid that nothing backs your dollar except the good old US government. The treasury does keep gold on reserve, but not nearly enough to back all of the currency in circulation.
There are lots of places that you can go and buy gold - jewelers and plating shops are a couple- but you can lose a lot in the conversion. It's like changing dollars for euros. When you go the the currency converter, you don't get the rate posted by the treasury - you get a rate that is favorable to the converter and usually a service fee. The same thing applies to gold.
2007-01-12 02:48:21 · answer #2 · answered by sfgirl 1 · 0⤊ 0⤋
The USA is not on the gold standard.
The Federal Reserve Bank keeps printing money with nothing to back it. The value of our dollar is largely determined by world opinion.
The Federal Reserve is not a government organization. It is a bank owned by private investors. They are not regulated or monitored in any way by any US government entity, including congress and the president.
The Federal Reserve holds all meetings in secret.
China has been buying and hoarding US dollars by the literal pallet load for many years. They are sitting on billions of USA dollars and use the money to buy gold on the world market since the dollar currently yields more gold than the Chinese yuan.
Eventually the Chinese yuan and economy will be backed by the gold standard and we will be screwed.
.
2007-01-12 02:36:06 · answer #3 · answered by The Other Grandpa 4 · 1⤊ 0⤋
The American dollar hasn't been based on the gold standard for some time. You can buy gold coins from any currency / precious metals dealer.
2007-01-12 02:50:10 · answer #4 · answered by dopeadevil23 4 · 0⤊ 0⤋
gold standard expired long before you were born as did the silver standard in the 60's. You can buy gold coins at any coin dealer but then what do you do with them. You will pay a premium for them to buy and another to sell. By the way they don't earn any interest.
2007-01-12 02:37:49 · answer #5 · answered by zocko 5 · 0⤊ 0⤋
i think they stopped exchanging money with gold but if not you can exchange your money with gold from the central bank or easiest way go to gold shop and by some gold from there
2007-01-12 02:31:26 · answer #6 · answered by shanakel 1 · 0⤊ 0⤋
Dollar is NOT backed by gold! You can buy gold on eBay..
2007-01-12 02:29:49 · answer #7 · answered by Anonymous · 0⤊ 1⤋
the us dollar is no longer pegged to the gold standard.
2007-01-12 02:35:26 · answer #8 · answered by anonymous 6 · 0⤊ 0⤋
You don't physically buy gold - you can but you'll lose money on it. Buy gold stocks. Bits of paper - they will make you money in the long term.
2007-01-12 02:29:37 · answer #9 · answered by Anonymous · 0⤊ 1⤋
Fort Knox?
2007-01-12 02:29:40 · answer #10 · answered by LoLo B 2 · 1⤊ 0⤋