What is a fair price for gold? How can we know if gold, or any other money, is worth what we can buy with it?
So, what can we buy with it? And how do we know that the value of our gold/money is realistically priced?
We know that gold is currently priced at more than $1800 per ounce; so the value of gold today is what we can buy with one thousand eight hundred dollars.
But is $1800 dollars per ounce realistic? Does it represent fair value? Are there reasons why we might expect that price to rise or decline to any substantial degree that would influence our choice to hold money in gold vs. US dollars?