6. Gold in business and finance

Gold has enjoyed a special status in both domestic and international monetary systems. Until the beginning of the 20th century, it was used for the circulation of cash, and as the basis for the creation of currencies such as banknotes and scriptural money. Gold's monetary function disappeared in the wake of wars and economic crises, due to the inadequacy of gold stocks in relation to the needs of internal circulation and the rigidity it introduced into economic policies. Internationally, gold was demonetized in 1976 by a modification of the IMF (International Monetary Fund) Articles of Agreement. This demonetization has not been called into question, even though central banks continue to hold gold reserves, in addition to those held by private hoarders. At present, the focus is less on monetary gold than on commodity or financial gold. Commodity gold is the metal's main use, and plays a...