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Con Arguments

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Gold standard

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Con Arguments

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Con 1: Gold’s availability and value fluctuates, which does not provide the price stability necessary for a healthy economy.

Under a gold standard, the supply of money would be dependent on how much gold is produced. Inflation would occur when large gold discoveries were made, and deflation would occur during periods of gold scarcity.  For example, in 1848, when large gold finds were made in California, the United States suffered a monetary shock as large quantities of gold created inflation. This rise in U.S. prices caused a trade deficit as American exports became over priced in the international marketplace. [9] [60]

Under a gold standard, economic growth can outpace growth in the money supply since more money cannot be created and circulated until more gold is first obtained to back it. When this happens deflation and economic contraction occurs.[10]

Con 2: A gold standard limits the ability of the Federal Reserve to help the economy.

Under the current fiat money system, the Federal Reserve can use monetary policy to respond to financial crises by lowering interest rates during a recession, raising them during a period of inflation, and injecting money into the economy when necessary. A gold standard would severely hamper the Federal Reserve from performing these functions.[44]

Under our current fiat money system, the Federal Reserve can expand the U.S. money supply by purchasing treasury bonds, and the government can use this money to help put the unemployed to work through public spending, as the Obama administration did with the $787 billion fiscal stimulus. The 2009 Obama stimulus prevented the loss of an estimated three million jobs.[55] [76] [75]

During the COVID-19 pandemic, the Federal Reserve took similar measures: lowering interest rates to near zero, supporting businesses large and small, and cushioning money markets. Under a gold standard, these stimulus actions could not have occurred. [72]

Con 3: A gold standard and gold mining harm the environment and Indigenous communities.

All the human labor used for mining, refining, and storing gold is time and energy diverted from the real economy. The direct costs associated with a fiat paper money system (paper and printing costs) are much lower.[59]

Returning to a gold standard would create increased demand for gold, and mining activity would increase. Many gold mines use a process called cyanide leach mining that creates large-scale water pollution and massive open-pit scars on the land. Producing one ounce of gold creates 79 tons of mine waste. [55] [56]

Furthermore, nearly 50 percent of global gold mining occurs on Indigenous lands, where the communities’ land rights are often violated. In Brazil, the Yanomami, a tribe of about 26,700 people who remain relatively isolated, are being threatened by illegal gold mining on their reservation in the Amazon rainforest. In addition to forest destruction and poisoned rivers, the Yanomami saw two of their communities wiped out by the flu and measles brought in by illegal gold mining operations in the 1970s. In 2020,COVID-19 was brought to Indigenous communities by miners. [54] [56] [57] [58]

Additionally, gold mining is estimated to be economically unsustainable by 2050, with new gold supplies running out and large-scale gold mining becoming impossible by 2075. At current rates gold mines in South Africa, one of the largest global gold producers, could be stripped by 2040. [70]

Con 4: A gold standard could harm national security by restricting the country’s ability to finance national defense.

A gold standard would prevent the sometimes necessary quick expansion of currency to finance wartime necessities. In order to help finance the Civil War, Pres. Lincoln authorized the printing of $450 million in fiat currency known as “greenbacks.”[63]

During World War I, several countries, including the U.S., switched from a gold standard to a fiat system so they could print more money to finance war efforts. Later, the United States financed its involvement in World War II in large part by having the Federal Reserve print more money, selling war bonds, and running large deficits. [64] [53] [52]

Gold bullion and coins held by the U.S. Treasury

The U.S Treasury holds gold in the U.S Mint and Federal Reserve locations in Denver, Fort Knox, Manhattan, and West Point. Gold is measured by troy ounces (oz t) and is kept as bullion (generally in bars) or as coins (either stamped or as blanks). The U.S. Mint maintains $2,783,218.656 oz t as “working stock” to produce collectable coins.[28]

According to the Federal Reserve Bank of New York,

The market value of a gold bar depends on its weight, purity level, and the prevailing market price for gold. Rather than market pricing which fluctuates daily, the New York Fed [and the U.S. Treasury in general] uses the United States official book value of $42.2222 per troy ounce for gold holdings.[1]

Year
(on January 31)		 Gold Bullion oz t Gold Coins oz t Book Value: Bullion Book Value: Coins
Source: U.S. Department of the Treasury, “U.S. Treasury-Owned Gold” (November 5, 2025), fiscaldata.treasury.gov
2025 258,641,878.09 2,857,048.16 10,920,429,099.23 120,630,858.67
2024 258,641,878.09 2,857,048.16 10,920,429,099.23 120,630,858.67
2023 258,641,878.09 2,857,048.16 10,920,429,099.23 120,630,858.67
2022 258,642,278.12 2,857,048.18 10,920,445,989.40 120,630,859.45
2021 258,641,878.09 2,857,048.16 10,920,429,099.23 120,630,858.67
2020 258,641,878.09 2,857,048.16 10,920,429,099.23 120,630,858.67
2019 258,641,878.09 2,857,048.16 10,920,429,099.23 120,630,858.67
2018 258,641,878.09 2,857,048.16 10,920,429,099.23 120,630,858.67
2017 258,641,878.07 2,857,048.16 10,920,429,098.79 120,630,858.67
2016 258,641,878.07 2,857,048.16 10,920,429,098.79 120,630,858.67
2015 258,641,878.07 2,857,048.16 10,920,429,098.79 120,630,858.67
2014 258,641,878.07 2,857,048.17 10,920,429,098.79 120,630,859.37
2013 258,641,878.07 2,857,048.17 10,920,429,098.79 120,630,859.37
2012 258,641,851.49 2,857,047.83 10,920,427,976.54 120,631,510.00

Price of gold vs. inflation and currency in circulation

Below, find the yearly price of one ounce of gold in U.S. dollars, the average yearly inflation rate, and the amount of M1 currency (meaning the portion of a country’s money supply consisting of physical coins and paper money in circulation) as of December of each year for 1947 through 2019. The price of gold and average inflation are listed for 1915 through 1946 (M1 currency information was not available for those years). For 1833 through 1914 only the price of gold was available.

M1 currency consists of funds that are available for spending, including currency in circulation (such as in your wallet or the cash register at a store), traveler’s checks, and demand deposits (such as money held in a checking account), among other funds. [15] [14] [13]

Year Price of One Ounce of Gold
(U.S. dollars)		 Average Inflation Rate for the Year
(percentage)		 Amount of M1 Currency in Circulation in December of Year
(billions of U.S. dollars)
2024 2,394.86 2.95 2275,6
2023 1,942.72 4.12 2247.5
2022 1,800.03 8.01 2208.6
2021 1,798.61 4.70 2129.3
2020 1,769.64 1.24 1973.8
2019 1392.60 1.81 1713.1
2018 1268.49 2.44 1626.7
2017 1257.12 2.13 1527.4
2016 1250.74 1.26 1422.4
2015 1160.60 0.12 1340.4
2014 1266.40 1.62 1254.3
2013 1411.23 1.47 1162
2012 1668.98 2.07 1092.3
2011 1571.52 3.16 1003.5
2010 1224.53 1.64 920.7
2009 972.35 -0.34 865.8
2008 871.96 3.85 818.9
2007 695.39 2.85 764
2006 603.46 3.24 754.8
2005 444.74 3.39 729.2
2004 409.72 2.68 702.4
2003 363.38 2.27 666.7
2002 309.73 1.59 630.2
2001 271.04 2.83 585.2
2000 279.11 3.38 535.6
1999 278.98 2.19 522.1
1998 294.24 1.55 464.3
1997 331.02 2.34 429
1996 387.81 2.93 398
1995 383.79 2.81 376.3
1994 384.00 2.61 357.6
1993 359.77 2.96 324.3
1992 343.82 3.03 294.5
1991 362.11 4.25 269.5
1990 383.51 5.39 249
1989 381.00 4.83 225
1988 437.00 4.08 214.6
1987 447.00 3.66 199.1
1986 368.00 1.91 182.9
1985 317.00 3.55 170.1
1984 361.00 4.30 158.4
1983 424.00 3.22 148.6
1982 376.00 6.16 134.8
1981 460.00 10.35 124.6
1980 615.00 13.58 117.4
1979 306.00 11.22 106.9
1978 193.40 7.62 98
1977 147.84 6.50 89
1976 124.74 5.75 81
1975 160.86 9.20 74.1
1974 154.00 11.03 68.2
1973 97.39 6.16 61.9
1972 58.42 3.27 57.3
1971 40.62 4.30 52.9
1970 36.02 5.84 49.5
1969 41.28 5.46 46.5
1968 39.31 4.27 43.9
1967 34.95 2.78 40.8
1966 35.13 3.01 38.7
1965 35.12 1.59 36.7
1964 35.10 1.28 34.6
1963 35.09 1.24 32.8
1962 35.23 1.20 30.9
1961 35.25 1.07 29.9
1960 35.27 1.46 29.3
1959 35.10 1.01 29.3
1958 35.10 2.73 29.2
1957 34.95 3.34 28.9
1956 34.99 1.52 28.8
1955 35.03 -0.28 28.4
1954 35.04 0.32 27.9
1953 34.84 0.82 28.2
1952 34.60 2.29 27.8
1951 34.72 7.88 26.6
1950 34.72 1.09 25.4
1949 31.96 -0.95 25.5
1948 34.71 7.74 26.2
1947 34.71 14.65 26.8
1946 34.71 8.43 n/a
1945 34.71 2.27 n/a
1944 33.85 1.64 n/a
1943 33.85 6.00 n/a
1942 33.85 10.97 n/a
1941 33.85 5.11 n/a
1940 33.85 0.73 n/a
1939 34.42 -1.30 n/a
1938 34.85 -2.01 n/a
1937 34.79 3.73 n/a
1936 34.87 1.04 n/a
1935 34.84 2.56 n/a
1934 34.69 3.51 n/a
1933 26.33 -5.09 n/a
1932 20.69 -10.30 n/a
1931 17.06 -8.94 n/a
1930 20.65 -2.66 n/a
1929 20.63 0.00 n/a
1928 20.66 -1.15 n/a
1927 20.64 -1.92 n/a
1926 20.63 0.94 n/a
1925 20.64 2.44 n/a
1924 20.69 0.45 n/a
1923 21.32 1.80 n/a
1922 20.66 -6.10 n/a
1921 20.58 -10.85 n/a
1920 20.68 15.90 n/a
1919 19.95 15.31 n/a
1918 18.99 17.26 n/a
1917 18.99 17.80 n/a
1916 18.99 7.64 n/a
1915 18.99 0.92 n/a
1914 18.99 1.35 n/a
1913 18.92 n/a n/a
1912 18.93 n/a n/a
1911 18.92 n/a n/a
1910 18.92 n/a n/a
1909 18.96 n/a n/a
1908 18.95 n/a n/a
1907 18.94 n/a n/a
1906 18.90 n/a n/a
1905 18.92 n/a n/a
1904 18.96 n/a n/a
1903 18.95 n/a n/a
1902 18.97 n/a n/a
1901 18.98 n/a n/a
1900 18.96 n/a n/a
1899 18.94 n/a n/a
1896–98 18.98 n/a n/a
1895 18.93 n/a n/a
1894 18.94 n/a n/a
1891–93 18.96 n/a n/a
1890 18.94 n/a n/a
1889 18.93 n/a n/a
1872–88 18.94 n/a n/a
1833–71 18.93 n/a n/a

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Discussion questions

  1. Should the United States return to a gold standard? Why or why not?
  2. Should the U.S. consider another form of currency, such as cryptocurrency? Why or why not?
  3. Should the U.S. continue to use cash or move toward a card-only economy? Should it eliminate little-used coins like the penny? Explain your answer.
  4. What questions do you have after reading the debate above? Where might you find answers?
  5. What was the most interesting thing you learned from this debate?
  6. Consider how you felt about the issue before reading this article. After reading the pros and cons on this topic, has your thinking changed? How and why?. If your thoughts have not changed, explain how and why you better understand the other side of the debate.
  7. Push for the position and policies you support by writing local officials, U.S. senators and representatives, or other people in a position to make the change you champion.

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