Quote from retired RY chairman Tony FellIn Feb. 2007 here’s what the Royal Bank of Canada’s Chairman, Tony Fell had to say, confirming unequivocally that gold is money,
"At Royal Bank of Canada, we trade gold bullion off our foreign exchange desks rather than our commodity desks," says Anthony S. Fell, chairman of RBC Capital Markets, "because that’s what it is – a global currency, the only one that is freely tradable and unencumbered by vast quantities of sovereign debt and prior obligations.”
"It is also the one investment and long-term store of value that cannot be adversely impacted by corrupt corporate management or incompetent politicians," he adds – "each of which is in ample supply on a global basis."
In short, says Fell, "don’t measure the Dollar against the Euro, or the Euro against the Yen, but measure all paper currencies against gold, because that’s the ultimate test."