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RE: The Real Reason Billionaire Investors Buy Gold, and Why The Sky is NOT Falling - SPOILER ALERT: @dollarvigilante is wrong!
Technically, gold is a commodity. A relatively stable commodity that is often used to back currency, but a commodity nonetheless. It's value is based on supply and demand like other commodities. Currently it's value is based on increased demand on a limited supply.
Technicaly maybe, but in very large parts of the world it is currency, albeit undercounter/culture. You wouldnt send your secret service men into the desert without a few gold coins.