Gold has historical precedence as money from "summary" of The Fiat Standard by Saifedean Ammous
Gold has historical precedence as money. It is a tradition that goes back thousands of years, to a time long before the emergence of modern fiat currencies. Gold has served as a reliable medium of exchange, unit of account, and store of value for countless civilizations throughout history. Its inherent properties, such as scarcity, divisibility, durability, and fungibility, make it well-suited for use as money. The use of gold as money dates back to ancient times when it was valued for its rarity and beauty. Gold coins were minted by various civilizations, such as the Greeks, Romans, and Egyptians, to facilitate trade and commerce. These coins were widely accepted and trusted as a medium of exchange due to their intrinsic value and limited supply. Gold's historical precedence as money continued through the Middle Ages and into the modern era. During the gold standard, many countries pegged their currencies to a specific amount of gold, ensuring stability and trust in the monetary system. This system was eventually abandoned in favor of fiat currencies, which are not backed by any physical commodity. Despite the shift to fiat currencies, gold remains a popular investment and hedge against inflation. Central banks and governments continue to hold significant gold reserves as a form of insurance against economic uncertainty. The enduring appeal of gold as a store of value reflects its historical precedence as money and its timeless allure as a precious metal.- Gold's historical precedence as money is deeply rooted in human civilization and has stood the test of time. Its unique properties make it a reliable medium of exchange, unit of account, and store of value. While the world may have moved away from the gold standard, the allure of gold as a valuable asset remains strong.
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