Ambrose Evans-Pritchard - A new Gold Standard is being born
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01/17/2013 06:15 PM
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Pritchard's article is deeply flawed and very shortsighted; calling for gold to be "the third reserve currency" demonstrates his ignorance of the subject he's writing about. That being said, a new gold standard IS being born, just not in the manner he thinks.
Gold is regaining its pride of place as the only true money on the planet (although silver will likely play into this as well). There will be no "tripod with a golden leg", as Pritchard so erroneously puts it. The other two legs will reach their intrinsic value, leaving gold and silver as the only arbiters of monetary value.
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