gold, page-104795

"paper contracts backed by nothing"

Contracts are backed by trust and the contract law, and that applies to all of them including those whose object concerns the purchasing of pork bellies, cocoa beans, stocks in the stock markets, etc., etc.

I take the opportunity to direct some people's attention towards rule No 2 of Goldbuggery, which seems to be much in vogue:

2. The price of gold cannot fall, it can only be manipulated lower: When gold’s price falls, it is an unnatural act. It can only occur as the result of an international cabal of Central Bankers and politicians. Its a conspiracy, and we know who the guilty parties are.


https://ritholtz.com/2013/04/the-10-rules-of-goldbuggery/