RE: Gold only a commodity?Some cannot accept the fact that the Gold standard is gone. Not a single country that I know of still bases their currencies on gold. We have advanced beyond the medieval thinking. Good or Bad is a matter of opinion but the Gold Standard is yesterdays news and will never come back. There by it is now reduced to a commodity. Gold is priced in the world reserve currency, the US dollar . Not the dollar priced in grams of gold.
I am in the camp that a Countries worth is not measured in the quantity of a shiny metal it holds, but rather in the quality of it's ingenuity and resourcefulness of it's people and the resources it holds. In the the US we have many of those qualities but lack the compassion to look after some of our less fortunate. The kind of view it takes to be self sacrificial in order to put country ahead of self. It is blatantly reflected on the political scene. Ideology ahead of sensible compromise. Canadians pay higher taxes but in turn has a medical and hospitalization program for their people far superior to ours. I say this because I have never met a Canadian who was willing to give it up for a few dollars less in tax.
In hind site, studies now reveal some of the adverse effects the Gold standard helped to create. I know the system we now have is far from being perfect but at least it's flexible when required.
https://www.j-bradford-delong.net/politics/whynotthegoldstandard.html