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Jim Rickards: Gold is a chameleon -- and the most reliable money
By James G. Rickards
Daily Reckoning, Baltimore
Friday, February 28, 2020
Gold is a chameleon. It changes in response to the environment. At times, gold behaves like a commodity. The gold price tracks the ups and downs of commodity indices. At other times, gold is viewed as a safe-haven investment. It competes with stocks and bonds for investor attention. And on occasion, gold assumes its role as the most stable long-term form of money the world has ever known. ...
Gold's role as money is difficult for investors to grasp because gold hasn't been used as money for decades. But gold in recent years has been behaving more like money than a commodity or investment. It is competing with central bank fiat money for asset allocations by global investors.
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That's a big deal because it shows that citizens around the world are starting to lose confidence in other forms of money such as dollars, yuan, yen, euros and sterling.
When you understand that gold is money, and competes with other forms of money in a jumble of cross-rates with no anchor, you'll know why the monetary system is going wobbly.
It's important to take off your dollar blinders to see that the dollar is just one form of money. And not necessarily the best for all investors in all circumstances. Gold is a strong competitor in the horse race among various forms of money. ...
... For the remainder of the commentary:
Toast to a free gold market
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