Gold: a currency, not a commodity

I’m baffled by critics of gold. Arguments that it is a shiny lump of uselessness completely miss the point. Gold has, since the earliest civilisations, played a role as a store of value, a unit of account and a medium of exchange. In other words, it’s long been a currency. In fact, it’s the longest continuous form of currency our civilisation has known. Paper currency itself was invented as a way of facilitating gold payments. The modern method of using paper money unbacked by gold has just a 50 year history. It is an experiment still unfolding. Those that say...

I’m baffled by critics of gold. Arguments that it is a shiny lump of uselessness completely miss the point. Gold has, since the earliest civilisations, played a role as a store of value, a unit of account and a medium of exchange. In other words, it’s long been a currency.

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