> the main problem with gold backed currencies is that fucking china will just buy every cent that you mint and then cash it in for the gold the reason for a central depository is that the bars are tested (for tungsten) and assayed (for purity) when they arrive at the depository. if you take the gold out, and then later want to bring it back, it has to be retested and assayed again, incurring additional charges. if china simply wanted the gold, they could buy it cheaper direct from the mines as dore bars or concentrate, and refine it in china. needless to say, remonetizing gold would likely cause the value to jump several fold relative to the current price. > $20,000 per oz gold would give the us $5t to use in reducing the debt.  
Canada