Abstract
After a brief introduction to the role of gold as a monetary agent in history, the classical gold standard and the Bretton Woods agreement and its failure are discussed. Since then the price of gold has fluctuated widely and has only recently steadied. The monetary role of gold at present is then considered. Gold stocks, their supply and demand and various economic factors playing a role in price formation are mentioned in detail. Inflation and countercyclicality in relation to the Morgan Stanley Index of World Equities are the final subjects of this review.
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