In a recent article published in Bloomberg Goldman Sachs seems ready to concede that gold is money. An excerpt from the article is below.
Goldman Sachs “Precious metals remain a relevant asset class in modern portfolios, despite their lack of yield,” analysts including Jeffrey Currie and Michael Hinds wrote. “They are neither a historic accident or a relic.” Looking at properties such as durability and intrinsic value, they are still relevant even with new materials discovered and new assets emerging, such as cryptocurrencies they said.
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