Gold isn’t money, we’re incessantly told. To which we reply, “Oh, yeah?”
But the argument keeps coming back, unchanging, unwavering. It’s a metal, and a barbaric one at that, reason the commodity’s adversaries. Yes, they concede, it was once used as a medium of exchange, but those days are gone. We know better now. This is the age of fiat money, which has more or less prevailed for more than three decades since the Nixon administration completely severed the dollar’s link with gold.
Source: Barchart.com