All money in the world today, except gold, is someone else's liability.
Consider a checking account: You deposit money. It is your asset, but the bank's liability; if the bank becomes insolvent and cannot meet its liabilities, you've lost your asset.
Gold is different. People everywhere, throughout time, have cherished gold for its stable price, relative to other commodities. Only since 1975, when Americans regained the right to buy and hold gold, have prices been fluctuating fairly freely. In this discussion we explore gold's unique qualities and demonstrate that this characteristic of relative price stability persists today.