Then why does the US still maintain over 8000 tons of gold at Fort Knox and elsewhere, 45 years after closing the gold window?
Of course even before 1971 paper currency was an abstraction as well - it was a piece of paper to get a commodity, not the commodity itself.
There was approximately $1.48 trillion USD in circulation as of October 20, 2016.
There is about $8.22 in digital assets for every $1 we have in physical gold.
Then why does the US still maintain over 8000 tons of gold at Fort Knox and elsewhere, 45 years after closing the gold window?
Of course even before 1971 paper currency was an abstraction as well - it was a piece of paper to get a commodity, not the commodity itself.