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A line from Bernanke’s testimony this morning is getting some folks all atwitter.First he was asked by Ron Paul whether he thinks gold is money: He said “no.”
Then he Ron Paul asked him why Central Banks hold so much: He answered “tradition.”
Now this is the classic gold bug argument: Because gold has been used as a store of wealth for eons, it still should have value.
But if not tradition, what exactly is the argument for gold having value?
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