Gold Is ‘a Medium of Exchange’

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It’s not news, but according to the Fed’s own document “this metal, above all others, has been used for centuries as a medium of exchange, a measure of value and a store of wealth….” It goes on to say that many nations choose to “leave their monetary gold reserves in the Bank’s custody.” Doesn’t “medium of exchange” and “monetary” refer to money? Ben Bernanke thinks otherwise, and claims it holds gold due to “tradition.” Apparently, it is also tradition for grand central banks in their final days to hire jesters.

2:03 pm on August 3, 2011