Posting this from UBS on gold.Zimbabwe announced its latest attempt at a domestic currency: a gold-backed Zimbabwe dollar. Events like this excite “gold bugs”—Tolkienesque figures who believe gold is the only true currency to ever exist. This is a misunderstanding of history. Before the nineteenth century, gold was rarely used as an ordinary currency. Credit or “book money,” the fiat currency of its day, dominated ordinary transactions, and silver was the preferred precious metal. After a furious debate in the early nineteenth century, the UK declared a pound to be 113.0016 grains of gold. However, less than 2% of pounds in circulation were actually backed by gold. The idea behind a gold sta
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