3 ms·
Only in nominal terms, and assuming that a significant portion of the world holds any gold. In real terms, everyone would be 1kg of gold richer. Think about it
by tschwimmer 7y ago
Only in nominal terms, and assuming that a significant portion of the world holds any gold. In real terms, everyone would be 1kg of gold richer.
Think about it this way: what if we gave everyone in the world a brand new iPhone. It's true that the resale value of an iPhone would decrease, but would the world really be poorer? I think that's a very hard argument to make.
- umvi 7y agoAn iPhone is more useful than a raw hunk of gold, though. You are comparing a raw material with a processed good. The value of gold (and basically all raw materials) is tightly coupled to its supply; not as much with iPhones. If everyone in the world got 1 kg of gold, it would be as if everyone on earth got 1 kg of aluminum... that is to say, you would have a hard time turning that gold into something more useful than a paperweight. You would probably be able to take it to the nearest scrap metal recycling plant and get a few bucks.