Intestingly.. During times of ecenomic meltdown, gold was used as currency, most notably in the modern era during the second world war when most economies were bankrupted by the war effort and virtually printing money hand over foot. Oil producers and steel producers were accepting gold as viable currency since paper money was worthless. During the 70's, the dollar ousted gold as the reserve currency, but now with the fed lowering rates etc, further inflationary pressure would probably result in them printing more and more dollars. This is not wartime of course, but economic parallals can be drawn with such episodes. I wonder what the future for gold as a monetary currency is.....?
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