Question

Can a gold ring carry out the functions of money? how?

Answer 1

But gold still maintains one important characteristic out of the three that we attribute to a functional currency. ... You cannot easily buy something with a bag or bar of gold, not even with a gold coin. There are not many people in the world who will take gold for payment.

Answer 2

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As the monetary system melts down, gold functions as "shadow money," an alternative that competes with the political money. It remains a store of value because of its potential to become money again. There is continuing demand for gold as a hedge against the breakdown of the fiat system