It is because money is ultimately a tool of the state that we will never see the worldwide bankruptcy we would see if you were correct. As it is, the U.S. is going to take a hit when China floats the Renminbi, because in Bretton Woods III or IV (depending on how you count) the U.S. dollar will be maybe 40 % of the reserve currency basket. Which is a good place to be, but not as good as the current 100%.

But even as a matter of municipal law, commerce has gotten way too complicated for gold. It’s legal to own now, y’know, so you can always go for it.

If you don’t like Warren Buffett, I’ll fall back on Black Elk. He called it “The yellow metal that makes white men crazy.”