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OPINION - By Prof. Bruno COLMANT, Ph.D., Member of the Royal Academy of Belgium
Since ancient times, gold has been a refuge from financial crises. Hoarding is a response to an age-old reflex: a lack of confidence in the financial system. There are many reasons for this metallic craze. Gold has intrinsic qualities, such as its inalterability over time and reduced volume. Moreover, since gold bars are now stamped, gold quantities are standardized in terms of purity and weight.
However, one element characterizes the recent phenomenon of hoarding. In the past, gold was a response to mistrust of fiduciary money, i.e., paper money issued by governments. Moving back to gold reflects fears about electronic money, i.e., systemic banking risks and...
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