re: Can someone explain the pros and cons of gold?

quote:

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I'd love to see the Goldbacks actually become a thing. It's a bill made from a certain weight of gold foil. Right now it's a novelty thing and there is a large premium but if it actually became a currency it may work.

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Not that you would, but you could, at the current rate, haul 1M$ in gold around in a small backpack, which would weigh about the same as a small backpack with 1M$ in 100 dollar bills.

And, not that you would, but you could sell a car valued at $24,000 by accepting ten gold American Eagles, which are noted to be worth $50 - clearly stated on the coin, minted by .Gov - and pay the local tax man their cut of sales tax: 7% of $500, or $35. If gold coins are US currency, then, why not.