Current Relevance of the Gold Standard Doctrine

Abstract

Times of hardship lead to insecurity and uncertainty about the future. When this happens, many people turn to gold or other precious metals, real estate, land, and tangible assets in general. The multiple non-cyclical crises that have occurred in recent years have led to a resurgence of interest in gold. The regression of globalization and the multipolar order derived from the pandemic, the energy crisis, the degradation of geopolitics to the point of war and the nomad wars between the United States and China have marked the beginning of a new type of capitalism in which market uncertainty is heightened by economic and political interdependencies between countries. This research aims to analyse the actuality of the gold standard among the populations of civilized countries, which began to show an increase in the demand for gold directly proportional to the depreciation of geopolitical events. This article also traces the evolution of the economic idea around gold, from its beginnings to the banking and financial system's relation to it, providing new insights on economic behaviour during difficult times. JEL: B2, B5, P2, P5, O5