[quote=markmax33][quote=swave]
Yes, 708 tons of gold were mined in the second quarter of this year, but 919 tons of gold were used in jewelry and electronics. The total amount of gold that has been mined is 165,000 tons. The amount available to back a currency is decreasing. [/quote]
The value of gold would go up and fewer people would use it in jewelery and the supply would increase. People would use some other precious metal. It would not be an issue.[/quote]
This would cause inflation for jewelry and electronic parts. Do you understand how exponential growth works? If the economy continues growing exponentially, demand for gold would grow exponentially. At some point in the not too distant future, we will run out. What then?
