When money dies, the barbarous relic – gold – comes into its own

The value of gold has soared over the past few months. CREDIT: Leonhard Foeger/REUTERS

A rising gold price reflects, above all other things, a loss of trust in the value of fiat currencies

Here’s a little anecdote that Peter Hambro, a long-standing advocate of the merits of gold as a store of value and means of exchange, likes to tell. In the late Sixties, his cousin, Jocelyn Hambro, invited Her Majesty the Queen into lunch at Hambros Bank in the City, and wishing to put on a bit of a show, he assembled a pile of gold bars to the value of £1m. Quite a pile it was too, taking up an entire corner of the room.

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Source: Jeremy Warner | The Telegraph