[bubuga]

> Gold was not money then more than it is now.

Actually, once the state stopped recognizing gold as the standard economic unit of account, it ceases to be money. It becomes just another commodity, like corn or platinum.

Another natural consequence of gold having become a commodity is that monetary policies cease to cover the value of gold, thus it fluctuates naturally in the market just like any product, and is also subjected to economic bubbles.

The price fluctuation alone makes gold unsuited to be used as money, as it is no longer suited to store value.