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Gold Is “Money” Because It Is Plentiful, Not Because It Is Scarce

Posted on 30 September 2016

Gold, and its brother silver, have always been the basis of money, back to the beginnings of “money,” in the late fourth millennium B.C. Already by 2000 B.C., gold and silver had been “money” for over a thousand years – the entire history of “civilization” on this planet.
Gold was still the basis of money in the 1960s, in an unbroken line stretching back to the beginnings of history. One somewhat counterintuitive requirement for “money” is that it does not have a utilitarian purpose; at least, not one whose value is comparable to its money value………………………………………Full Article: Source


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