Some people oppose a gold standard, others embrace it. Some invest in gold because they believe in a return of the gold standard and an upward revaluation, some call gold a ‘barbarous relic’ and ask why we should mine gold when we could use paper money. No matter what side you’re on, many resort to myths about the gold standard to defend their position. What are the most commo

Top 10 Myths about the Gold Standard

Myth #1: The Gold Standard Caused the Great Depression

Myth #2: Gold Is Unsuitable as Money, because its Quantity Doesn’t Grow alongside Economic Activity

Myth #3: Countries that during the Great Depression Had a Gold Standard, Didn’t Recover Before Abandoning It

Myth #4: Countries with Gold Mines Benefit Disproportionately in Comparison to Countries without Gold Mines

Myth #5: There Isn’t Enough Gold

Myth #6: The Value of Gold Is Too Volatile

Myth #7: A Gold Standard Would Leave Governments without Any Means to Manipulate the Money Supply

Myth #7: The Lender of Last Resort Would Be Toothless

Myth #8: There Would Be No Required International Support for an International Gold Standard

Myth #9: Today’s Investors in Gold Would Benefit Disproportionately

Myth #10: Gold Is Useless

Should We Have a Gold Standard?


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