A Visual History of Gold (and Silver): Money, a Barbarous Relic, a Go-Nowhere Investment, and BRICS Money Again?

There are rumors circulating in the financial community that the BRICS countries are poised to announce the creation of a new gold-backed currency. Furthermore, in the best traditions of conspiracy theories, it is assumed that this could happen this August during a forthcoming summit in South Africa. It can be recalled that this was in August 1971 when U.S. President Richard Nixon announced that the U.S. was “temporarily” abandoning the gold standard and, subsequently, the convertibility of U.S. dollars into gold at a fixed price of $35 per Troy ounce. There is nothing more permanent than something temporary… Gold and…...