Why gold is money
“There’s nothing magical about gold. It’s just uniquely well-suited among the 98 naturally occurring elements for use as money… in the same way aluminum is good for airplanes or uranium is good for nuclear power. There are very good reasons for this, and they are not new reasons. Aristotle defined five reasons why gold is money in the 4th century BCE (which may only have been the first time it was put down on paper). Those five reasons are as valid today as they were then.”
USAGOLD note: Casey delivers the essential argument for gold as money in the age of paper currency.
Image: Aristotle as depicted by the German artist Johann Jakob Dorner the Elder (1741-1813)
Repost from 12/5/2019