Felix Salmon at Reuters has a super-clever video out where he attempts to answer the question: Is gold a currency?
And of course there’s no better way to answer that than to just try to go around and buy stuff with a gram of gold.
It sounds silly, but if gold is a currency, then it should be usable as a medium of exchange.
Anyway, eventually he does make a purchase with gold after several people rejected his offer.
But the crazy part is right in the beginning. Felix goes up to a guy loading wholesale beer, and the guy knows instantly (!) what a gram of gold is worth: right around $50!
When the guy loading wholesale beer knows the price of a gram of gold instantly, you’ve just got your famous example of the taxi driver giving you stock tips. DANGER!