It is ironic, and very telling, that in the era of government money, governments themselves own far more gold in their official reserves than they did under the international gold standard of 1871–1914. Gold has clearly not lost its monetary role; it remains the only final extinguisher of debt, the one money whose value is not a liability of anyone else, and the prime global asset which carries no counterparty risk. Access to its monetary role, however, has been restricted to central banks, while individuals have been directed toward using government money.
