Would it be better to back the pound/dollar/euro/whatever with gold or silver? Or both?
dont know. lets find out.
Let’s abolish legal tender laws, central banking and get government completely out of our monetary system. The free market will decide which metal, if either (or both), is most desirable as money.
None of the above. We should just let gold and silver circulate (repeal the legal tender laws and capital gains taxes), then let the dollar fend for itself.
I agree with above: lets find out!
But speculating in transition problems, one factor to consider is that a large share of all gold in the world isowned by central banks. They could therefor have the power to influence gold price stability. However, I don’t think that any central bank holds any silver, and the mass of silver around is much larger than that of gold. So silver might be more out of reach of government control than what gold is.
That’s just one argument in the choice between gold and silver as a short time inflation hedge, though.