Everyone's Buzzing About Bernanke's Controversial Comments About Gold

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Photo: Wikimedia Commons

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.

And yet Bernanke is taking flack for this comment.

But if not tradition, what exactly is the argument for gold having value?

SEE ALSO: 9 signs that gold is really a religion >

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