Will the gold standard ever make a comeback?

Over the years, gold has proved an excellent store of wealth. As a medium of exchange, however, it's been found wanting. But Dominic Frisby believes there's a future for gold as a currency, and a return to the gold standard is entirely possible.

What we use as money today is either issued by governments, or created by banks through the issuance of debt. The status of money is protected by the law we must use what we use as money and by the fact that taxes are levied in this money.

But underneath it all, there's nothing there nothing tangible anyway. It's just a law, a man-made law. It's not even a proper promise. The writing you see on a £20 sterling note 'I promise to pay the bearer on demand the sum of twenty pounds' is in effect a promise to pay something that doesn't exist. It's a great big load of old baloney.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
MoneyWeek

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.