“The gold standard is great if you want your economy to be directly tied to power failures and lack of coal in South Africa.”
Could you explain that a little more? How does energy tie into the price (especially long-term) of gold?
Gold prices shot up today because supply was threatened because the South African mines shut down because they don’t have enough coal and there power plants aren’t running, cutting off the power.
It probably doesn’t effect the long-term price. But it means that if you were tied to the gold standard, your currency would fluctuate whenever there was any events like this, which are otherwise meaningless.