Breaking News: OMFIF Report Advocates the Official Remonetization of Gold

In a report published today, the Official Monetary and Financial Institutions Forum (OMFIF), a global organization of central banks and sovereign wealth funds, recommends that gold be remonetized for use as international money, alongside major currencies. OMFIF gives a number of reasons for this but they boil down it to gold's historical role in establishing and maintaining confidence and stability in international monetary relations. Such confidence and stability have dramatically declined as a result of the global financial crisis that began in 2008, to the detriment of the global economy.

As stated in the foreword to the report:

... the previously dominant western economies have attempted to dismantle the yellow metal's monetary role, and -- for a variety of reasons -- this has comprehensively failed. Gold thus stands ready to fill the vacuum created by the evident failings of the dollar and the euro, and the not-yetrequited ambitions of the renminbi.