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Gold and the International Monetary System
This project will re-assess the advantages and weaknesses of the current fiat currency monetary system and explore the possibility of a new role for gold.
Gold Taskforce
In 2011 Chatham House set up a global Taskforce of experts to assess what role, if any, gold could play in the international monetary system in the wake of the current financial crisis. The Taskforce brought together a broad range of opinions and backgrounds to ensure that the debated role of gold in the international monetary system is examined from many perspectives.
The findings of the Taskforce were published in February 2012, culminating in a Chatham House Report: Gold and the International Monetary System. Despite gold's positive attributes, the evidence which emerged from the Taskforce's deliberations led to the conclusion that, in today's world, there is little scope for gold to play a more formal role in the international monetary system.
Report
Gold and the International Monetary System
Chatham House Gold Taskforce
February 2012
Taskforce Members
The Taskforce met in London (March 2011, July 2011, October 2011), Washington D.C (April 2011) and Beijing (November 2011).
- Dr Paola Subacchi, Director of International Economics at Chatham House
- Dr Nasser H Saidi, Chief Economist and Head of External Relations at the Dubai International Financial Centre Authority (DIFCA)
- Lord Desai, Professor Emeritus at the London School of Economics
- Professor Catherine Schenk, Professor of International Economic History at the School of Social and Political Sciences at the University of Glasgow
- Dr Wong Chak Sham Michael, Associate Professor at the City University of Hong Kong
- Haihong Gao, Senior Fellow, Director of Research Section of International Finance, IWEP, CASS
- Gail Fosler, President, The Gail Fosler Group LLC
- John Gault, President, John Gault S.A. Geneva
- Bill Allen, Allen Economics, Formerly of Bank of England
- Dr Gerard Lyons, Chief Economist and Group, Head of Global Research, Standard Chartered
- Forrest Capie, Emeritus Professor at the CASS Business School, City University London
Taskforce Contributions
The following contributions formed part of the Gold Taskforce's investigation which was developed through a series of consultations and workshops.
The views expressed are the sole responsibility of the individual Gold Taskforce contributor and do not reflect the views of Chatham House staff, associates or Council. Nor do they necessarily reflect the agreed views of the Gold Taskforce itself, as expressed in its final report.
- London Workshop, October 2011
Powerpoint presentations:
John Nugee, The Value of Gold: Some Perspectives from Central Banks
Martin Fraenkel, Gold as a Reserve Currency?
Bill Allen, Drivers of Central Bank Demand for Gold and Gold's Use as an Indicator
Michael Lewis, The Value Of Gold
John Gault, How Does the Gold Price Compare to other Macroeconomic Indicators?
Tom Kendall, Gold: Cycles and Bubbles
- Beijing Workshop, November 2011
Powerpoint presentations:
Catherine Schenk, Gold in the SDR
Michael Wong, Gold as an Element in the Internationalisation of the RMB
- Gold Taskforce Contributions
Bill Allen, BIS Gold Operations 2005–11, November 2011
Bill Allen, Gold as a Policy Indicator, November 2011
Bill Allen, How could Gold be Reintroduced into the International Monetary System?, May 2011
Lord Desai, Gold, SDRs and Other Matters, April 2011
Catherine Schenk, Adding Gold into the Valuation of the SDR, October 2011
Catherine Schenk, Gold in Long Term Perspective, July 2011
Forrest Capie, A Way Back for Gold into the Monetary System, May 2011
John Gault, Taskforce Teleconference, August 2011
Gail Fosler, International Monetary System vs. International Financial System, December 2011
Contact
For more information please contact the International Economics Programme.