According to registered data by the current existing logs of historical and up to date data, only an approximate 142,000 tons (one hundred and forty two thousand) of gold have been mined throughout our entire recorded history. Gold is not consumed or lost. It is always recycled through the local cash for gold dealers and then Refiners. This data is in reference to the past two thousand years. By rationale if we were to assume that the price of gold is placed at an approximate of $1,000 per ounce, the total quantity of gold that has been mined would be worth close to about $4.5 trillion dollars or one trillion euros if the precious metals were refined and sold in the open market. Leaving that perspective aside it is a fact that the United States of America on its own circulates or deposits close to the approximate amount of 7.6 trillion dollars worth of gold. This shows that the gold in the world is actually worth more than what there actually exists. The fact that there is only 4.5 trillion dollars worth of gold actually lying around and the access of 3 trillion that is said to be around could refer to ghost gold. Gold that will be acquired or precious metals that are deemed there according to the market value taken by banks and financial institutions to a means of investment based on spot gold prices.
Certain economical factions have argued that a return to the gold standard would not be feasible due to this factor while most other scholars have entirely different perspectives they on the other hand agree that a return to a gold standard is actually a viable option that would reset economies into their proper ordinance. A few gold standard advocates such as Libertarians and Objectivists, state that a return to a gold standard system like the ones that were in place before the Brentwood treaty would be good for economies. The end of the Brentwood treaty saw the crumbling of currencies against the value of gold. A return to the gold standard would ease inflation risks and limit government powers to print money as they deem fit which is the sole reason paper currency loses its value and keeps losing its value over time. The gold standard has been replaced by most governments by the fiat (Latin for “let it be done”) standard. Several economists agree that fiat currency increases the rate of bubble economic cxycles and causes inflation. This is true in every sense as rising economies cause the rise in cost of living and at the same time governments need money to sustain the rising cost of infrastructure. This ‘chase the chase’ causes the creation of a bubble and eventually it explodes. This data also includes all the gold jewellery that is worn on planet earth. Most of this jewellery will end up at a local cash for gold dealer and then subsequently part of the gold refining process.