The reality is currency is NOT backed by gold, gold IS backed by currency.. Why does anyone want gold? Only because it's redeemable for cash. It's cash value IS it's only value. No one cares that money isn't worth gold, but no one would even want gold if it weren't worth money.

Gold never had inherent value.nit has no more inherent value than cash does.

The reality is is currency is NOT backed by gold, gold is backed by currency.. Why does anyone want gold? Only because it's redeemable for cash. It's cash value IS it's only value.