Is a return to a type of gold standard possible in the foreseeable future?

The gold standard was appropriate to the second half of the 19th century but circumstances are now different. But this does not mean that gold no longer has a monetary role. It remains an important reserve asset for central banks since it is the only reserve asset that is no-one’s liability. It is thus a defence against unknown contingencies. It is a long-term inflation hedge and also a proven dollar hedge while it has good diversification properties for a central bank’s reserve asset portfolio

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