For today, an ounce of gold is valued at $
1,300 while the average price of a barrel of OPEC oil is valued at $ 102.98
An ounce of gold is 28.3 grams. That means one
gram of gold worth $ 45.93 (1.300/28.3 = $ 45.93)
As a barrel of oil is worth $ 102.98 that means
that the price of a barrel of oil is equivalent to the price of 2.24 grams of
gold (102.98/45.93 = 2.24 grams of gold).
How do you explain this?
How can 2.24 grams of gold have the same monetary
value as one barrel of oil equivalent to 159 liters?
How many products and how much value can be
obtained from 2.24 grams of gold?
How many products and how much value can you
get from a barrel of oil, that represents 159 liters of oil?
The answers are obvious and it reveals the need
of to rethink fundamental criteria for a true assessment of the economic reality.
Gold has no intrinsic value, a value
of use as if have water, food and oil. The main use of gold is assigned by the
international monetary system as instrument of value of reserve; it is
therefore a value created by man who could replace it with another instrument
of value.
The world can live without gold but cannot survive
without water, food or oil.
Water and oil are increasingly scarce.
The planet’s ecological aggression progressively reduced the availability of both;
uncontrolled population growth exacerbates the problem. The feeding of the
world population will be the biggest problem in the medium and long term; it, requires
therefore, review concepts and global policies to safeguard the lives of future
generations.
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