Hugh

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  • Headwinds for Gold?
    Saying, "Gold is not a commodity, it's a currency," is like saying "tuna is not food, it's a fish."

    The fact is that gold is a commodity money. The term, "commodity money" has been around for at least a century.

    Gold is a commodity, and it is a money. Gold is used in electronics, medicine, jewelry. There is gold in your computer.

    From Wikipedia, the free encyclopedia:

    "Commodity money is money whose value comes from a commodity out of which it is made. Examples of commodities that have been used as mediums of exchange include gold, silver, copper, salt, peppercorns, large stones, decorated belts, shells, alcohol, cigarettes, cannabis, and candy."

    Moreover, the word "currency" is incorrect in this case. Even in a fully convertible gold standard, paper receipts that are title for gold are the "currency," and the gold is the actual money.

    If you want to be incorrect, you ought to do it correctly and say, "gold is money, not a commodity." In this way, you only have ONE thing wrong.
    Jun 08 20:49 pm |Rating: 0 0 |Link to Comment |View article

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