The gold standard is one of the most discussed topics.

Picture of gold coins

Powered by banks, gold fund managers, and the general public, it developed due to the continuous increase in the price of gold, which allowed everyone to buy more gold to preserve the value of their wealth over a considerably large period.

Central banks, who were gold sellers, shifted towards buying it. Countries with stable economies restrained themselves from selling it, and countries with a surplus converted all that surplus to gold.

Banks all around the world set up more vaults to store the shiny yellow metal, for themselves and their customers, as everyone became very interested in buying and storing gold.

In the US, certain states started considering gold and silver coins as legal currency. Utah was the first to do so, followed by Minnesota.

China and India hoarded their own production of gold and encouraged their residents to buy more.

Venezuela demanded all its gold back from western banks, and Switzerland considered a proposal to introduce the Swiss gold Franc.

All in all, everyone tried their best to multiply the reserves of gold they had.

GoldFund manager, John Paulson, predicted much higher prices for gold in the future, as people no longer believed in the power of currency but the power of gold, to the point that there was a waiting list for those who wanted to buy gold in small quantities.

Gold became the go-to option for everyone. Its value increased with each passing day and continued to do so beyond anyone's imagination. While it might not be as popular as it once was, it?s still one of the most demanded metals.