With the term "fake news" being used with increasing frequency, when referring to main stream media, this little "gem" of a news report, from 2012, is trying to tell the viewers that gold isn't "backed by anything" unlike the US Dollar.
How this news reporter managed to say this with a straight face is beyond me, however lets put the record straight.
It is gold that has the true value, and the US dollar was once backed by it. Today the dollar is backed by nothing, and is worthless.
Simply put, value is human desire, if someone wants it, it has value. Gold was desirable by most people way before it was used as money.
True money must be a combination of work plus intrinsic value, and not debt as fiat currency, including the dollar, is today.
