Gold has been used as a reliable currency for over 4,000 years
Gold has been the worldwide currency for thousands of years. Unlike today's paper money, gold has an intrinsic value of its own. It is a viable medium of exchange in today's world and always will be one. If one were to take a look into history, they would realize that almost no empire used any form of currency apart from gold or silver. There were no substitutes for these metals due to their inherent value. Gold is undeniably a good investment, even in today's society, because it is what economies and societies fall back to when other currencies begin to fail. For example, between the years 1998 and 2008, the value of the dollar began to decline. Reasons such as trade deficits and an increase in the money supply were noted as the cause of this problem. This goes to show that even the strongest currency in the world can ultimately decline in value. Absolute trust can never be placed in man-made currencies. However, in the same span of time, the price of gold almost tripled. People began to realize the security behind investing in gold and as more and more people began to buy this precious metal, its value continued to increase. This correlation clearly shows that gold is the asset that people will ultimately fall back on. It has been the currency of the world and it will always be a form of security.
Simply because gold has been traditionally used does not mean that it is also a good investment. When countries such as America decided to remove themselves off the gold standard, they did it for a variety of reasons. They realized that without this gold standard, they can print enough money to cover the costs of wars or tumultuous times. As of 1971, America ended the gold standard and determined that the dollar is no longer linked to gold, silver, or any other asset. However, even today, the dollar remains one of the most reliable and secure currencies in the world. This goes to show that gold is not necessary for the success of a country or an economy.
Rejecting the premises