Subject The article considers the economic mechanism of gold as a monetary commodity and its role in the modern monetary system. Objectives The aim is to show the inner logic of the evolution of gold as a monetary commodity, to define this process, its advantages and disadvantages. Methods The study draws upon the formal logic, a systems approach, and grouping of statistical data. Results I present a detailed description of the gold function as a natural regulator of prices, volume of production, exports, imports etc. The study shows how international capital movements in the form of money have led to changes in macroeconomic performance of countries, considers pros and cons of gold in the composition of assets of central banks, and the results of the referendum on gold held in Switzerland. The article presents the statistical data on volumes of official gold reserves in countries across the world and in the IMF, and assesses the prospects for using gold in Russia’s settlements. Conclusions Despite the demonetization of gold, it is still in the composition of assets of central banks, though not playing the role of monetary commodity as before. Gold is a vestige of the old monetary system based on gold. The use of gold as money would limit the monetary policy efficiency and curb the economic growth in the long run.
Keywords: gold, gold price, gold reserves, central bank, monetary policy
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