Conspiracy theories abound that the dollar is doomed because BRICS countries are buying up gold. However, little has changed. China and Russia have long held substantial gold reserves, and China’s foreign-exchange reserves continue to be dominated by U.S. dollar assets. For some reason, humans have always been fascinated by gold. It is not because of gold’s utility. Copper, nickel, and rare-earth elements are all far more useful in manufacturing. In fact, rare-earth minerals are arguably among the most crucial resources in the modern economy. They have become so important that they have prompted major government policy initiatives in both the United States and China. People often believe that the obsession with gold derives from its value. However, value alone cannot explain gold’s appeal, as…
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