[pvn]

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One of the main disadvantages of the gold standard is that it artificially inflates the value of gold. The total amount of gold that has ever been mined is estimated at ~125,000 tonnes.[1] At the current gold price of around USD $640 per Troy ounce, or around $20,000 per kilogram, the value of this entire planetary stock would be USD $2.5 trillion, which is less than the value of currency circulating.

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It's gonna take a whole lot of extra gold mining to get there from here.

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You don't see the fallacy here?

Say the total amount of mined gold is one million ounces. And let's say the "price" is $100/oz.

So there's $100,000,000 "worth" of gold.

But there's 200,000,000 pieces of paper out there.

What's the problem here?

The value of the entire planetary stock of wheat is also less than the "value" of all the currency circulating.

Ditto for oil.

Ditto for cans of tuna fish.