why does gold have so much value now that it’s not propping any currencies?
In: Economics
Its worth noting so silver was the more common ‘currency metal’ for much of history. For instance the UK was on the gold standard for about 70 years but the name of their currency reflects the fact that for centuries you at least theoretically trade your 1 pound note for 1 pound if silver.
The discovery of the Americas by Europe and the influx of silver that resulted caused hyper-inflation in Spain. Hyper for it’s time anyway; > 1.5% per annum.
https://en.m.wikipedia.org/wiki/Price_revolution
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