Will gold replace paper money?

The rising importance of saving, investing in gold.
The earliest history of human interaction with gold is long lost, but its association with rareness, wealth and purity remains to this day. “Ancient Egyptians used to believe gold was a divine metal that is immortal in its nature, because it never deteriorates, even over thousands of years,” said Salah Al-Jemaz, a consumer behavior consultant with expertise in the gold and precious metals sector.
Even with worldwide agreement on the significance of this metal, not everyone is aware of the importance of saving and investing their money in it. Some prefer to invest their money in businesses, oblivious to the fact that all of the above are prone to reaching point zero by time, while gold on the other hand grows continually, Jemaz noted.
Due to gold’s volatile nature in the short term, some are driven away from it, as it requires a long time to generate a high return. However, Jemaz highlighted that the frequent fluctuation of gold prices is just one of its natural characteristics, which makes it a strong asset for portfolio diversification that’s mainly suitable for long-term wealth preservation.
“It’s a safe haven asset whose value grows in times of crisis,” Jemaz said, highlighting how it recently helped many people survive. “It’s the only real money that mankind trusts in these times,” he affirmed.
He noted gold’s exceptional power lies in being a universal currency, as it is exchanged as a commodity for international trade and other transactions around the world. Not only this, but gold jewelry is a popular source of adornment for women, which doubles up as a valuable financial resource for them.
Another key advantage of gold that Jemaz highlighted is that it’s a popular type of investment for all people, with no need for having a special trading mindset or skills. All what one needs is to take enough precautions ahead of purchasing it, such as staying updated about the changing market prices and buying it from trusted sources to avoid fraud.
“Literally everyone at any age or gender can invest their money in gold at any price or any weight,” he said, referring to all gold types-coins, jewelry or bars. At the end, it all depends on the consumer’s choice and goal of the investment, he noted.
When speaking of gold’s importance, one shouldn’t disregard silver’s importance as well. “Silver is the male version of gold; they complement each other in some way,” Jemaz said, explaining there’s a positive correlation between them, as when gold prices rise, silver prices increase accordingly. Surprisingly, he mentioned silver is even more scarce than gold, and in the coming years, the dramatic increase in its prices will alter people’s perceptions about it.
The future will also unveil more surprises in currency exchange, as the world is heading toward the disappearance of cash currencies and the widespread use of digital currencies and cryptocurrencies instead, Jemaz noted. With these changes occurring, he believes there will be a significant role for gold, causing a shift in its use, as it will be the only tangible currency available for people to use. “The day is not too far off when we’ll witness banks accepting gold as a replacement for money,” Jemaz said.