A rise in the price of gold has coincided with a renewed interest in the role of bullion as a monetary asset. Eclipsed since the early Seventies by paper assets and, occasionally, even cryptocurrencies, gold is once again heralded as a risk-free asset with three huge plus points. These are that it is universally acceptable, that it holds its value over time and that it is the only asset that is nobody’s liability – in other words, unlike paper currencies, its value does not depend on anyone’s promise to pay. The price is certainly looking chipper compared with its performance during the past 12 months. This morning ... (full story)