Just to add to the discussion regarding is gold to be seen as money.
I once turned up here in England carrying a fair sum of cash from PNG in Kina as I had a gold mining interest there a few years ago. I was faced with a problem that money was not money let alone is gold money. Barclay’s eventually changed the Kina into pounds but it did take around three weeks.
Here in the UK I buy UK minted coins such as the Britannia or Sovereigns. Here is the official description of one of these coins:
“A British bullion gold coin first introduced in 1987 with a face value of £100.00 making it the highest denomination coin of the realm. This coin contains one troy ounce (31.10 grams) of fine gold and like all Royal Mint gold coins, is a 22ct gold coin.”
What I find of particular interest is that as these gold coins are coins of the realm and recognised at least by the UK tax authorities as so, and therefore the are Capital Gains Tax Free!
“Gold Britannia’s are the most popular one ounce gold coin for larger UK based private investors, as they are Capital Gains Tax Free (CGT Exempt).”
I guess the question of is Gold money can remain open for discussion but given a choice of holding my savings and future purchasing power in these (CGT Free) gold coins or the paper money of any of the current spendthrift governments of the world requires no further debate on my part.
Here is a link to someone that also has an opinion on the 1971 Richard Nixon decision. Of course I dare say some here would think I am only offering this as it agrees with my own view, shamelessly I would agree; however, I would dearly like to read any convincing positive arguments showing any of the benefits of this notorious 41 year old decision.
Many thanks to the 98% of the participants on the Gold Chat thread that have a genuine interest in a healthy sensible (On Subject) debate without personal attacks.
To the others please feel free to add to the debate as you see fit whilst I enjoy a good argument I am also very partial to a good laugh!
