[forgetsusername]

>This is why rich people had a lot of gold - rich people have money and gold is money

It's my understanding that the richest people in America think gold a barberous relic.

I agree that gold has some interesting properties, but so much of the value-of-gold argument seems to stem from its historical uses. But we've used all kinds of things as currency. Using a metal we have to dig out of the ground seems so backwards to me.

[vegabook]

Because they belong to the class of people who have been able to create an alternative, the dollar, which has no intrinsic rarity value and can be printed at will, and these seignorage rights have made them wealthy. Clearly they have every incentive to dismiss their primary foe, gold.

[svs]

Yes, all of these are reasons why gold got started. A gold backed system is perhaps not even possible anymore let alone desirable.

Please see http://svs.io/post/69301254342/bitcoin-fud There are only two things we've used as money (metals and state power)

[spacecowboy_lon]

One of the Rothschild's investment vehicles (RIT) listed on the FTSE still holds some gold - thats why I brought some shares for my ISA last Year