According to Tony Hayes, gold is worth at least $1900 the ounce. However, what it's selling for is another matter. Tony bases his calculations on the Monetary Base (M0) and the money supply measurement M1.  HIs formulas have closely coincided with gold prices in the past and he's of the belief they will again. The big shocker is that according to Tony's work, the Dow is worth 60,000. Even higher than Martin Armstrong's Dow 35k. Amazing.