John Maynard Keynes once called it a “barbarous relic”, an ancient metal with little relevance in the modern world. When the gold-backed global monetary architecture came to an end in the early 1970s, central banks started selling their holdings — and they continued doing so for decades.
For the guardians of the global economy, gold — which has been used as a store of value since the first gold bars were created in Mesopotamia thousands of years ago — seemed destined for irrelevance.
Yet bullion has made a roaring comeback, not just among speculators and so-called gold bugs who mistrust modern paper currencies, but even among the most conservative investors in the world.
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