Precious Metals (Gold, Palladium, Platinum) as a new Basis for Calculations in International Trade

Abstract

Since the beginning of world trade, precious metals have played a central role in international settlements. National currencies, directly or indirectly, were tied to them. In the second half of the XX century, it seemed that humanity got rid of the need for such a binding. The growing contradictions in world trade require a revision of the entire system of international finance and a return to accounting for the value of gold and other precious metals to form a new system of sustainable international trade.