Samenvatting

Gold and silver coins were money for centuries. Since the early 17th century there was paper. The gold standard linked the value of the world reserve currencies, first the pound sterling and later the dollar, to gold. Both were ‘as good as gold’. In times of crisis, however, the link was broken. The coins dropped in value and gold rose, as the public continues to see gold as the ultimate money. To counteract this, Roosevelt even decided in 1933 and 1934 to nationalise and prohibit the gold held by the Americans. In 2011, amidst the biggest crisis since the Great Depression, we witness the next attack on gold. This time in the Netherlands, where the glass workers' pension fund (SPVG) was ordered by the Dutch central bank to sell the bulk of its gold assets. The DNB argued that gold is a commodity, but SPVG sees gold as a medium of exchange. What will be next?