Client Support: (877) 258-0181    Mon-Fri 9am-6pm MST
Client Support: (877) 258-0181    Mon-Fri 9am-6pm MST

What’s your gold story: Toby Baxendale

Share
- -

Toby Baxendale is an entrepreneur and investor, economist, former magistrate, ironman triathlete, philanthropist and family man. He set up the Hayek Visiting Fellowship at the London School of Economics. To promote Manchester Liberalism and provide a home for Austrian School Economics in the UK, Toby co-founded The Cobden Centre.

“For the most of my life, I have had zero interest in gold. My wedding ring was probably the only item of gold I owned – and that is obviously precious for reasons other than its being made of gold.

When I studied at the London School of Economics, I was aware of the historic role of gold in our monetary system. But it was only in the run-up to the financial crisis of 2008 that I really started focusing on our monetary system.

I then realised that the only stable system I could ever conceive of was one based around the gold standard. Having no counter-party risk when you own gold is unique for a monetary asset. In uncertain times, the focus on this has, for me, become more paramount. I certainly think everyone should have an element of gold in their savings. And I hope to live to see the day where gold as money is the default standard once more. The ‘barbarous relic’, as John Maynard Keynes called the gold standard in 1924, is actually one of the most democratic and fair parts of a money system.

Governments around the world now are ‘creating money out of nowhere’ to try to reach escape velocity out of this COVID-19 crisis. Asset classes that are desirable are once again inflating, and that will be a wealth transfer from those poorest in society to the richest.

This realisation leads me to conclude that gold is more desirable than ever right now”.

 

Download the Glint App to start saving and spending your gold

Type to search...
Press esc to exit