Mining.com reports on views presented by Andrea Stella,distinguished professor of chemistry at University College London, that one of the main reasons why gold is so highly valued, is that it is so chemically “boring”. In 2013, Sella spoke with Justin Rowlatt of the BBC World Service, walking him through all 118 elements of the periodic table.
Gold, according to Sella, is the best possible candidate for a currency of any value. “It is the only currency, along with silver, that does not require a counterparty signature. Gold, however, has always been far more valuable per ounce than silver. No one refuses gold as payment to discharge an obligation. Credit instruments and fiat currency depend on the credit worthiness of a counterparty. Gold, along with silver, is one of the only currencies that has an intrinsic value. It has always been that way. No one questions its value, and it has always been a valuable commodity, first coined in Asia Minor in 600 BC.”
Right now, for the first time in human history, world currencies are free-floating, meaning they’re not backed by anything tangible, and it’s largely because of this that world debt has been allowed to soar to astronomical highs in recent years, threatening the stability of the global economy.
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