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It is not in dispute that, in some contexts, gold is a currency.

There are certainly transactions that take place today in which goods are exchanged for gold.

To answer the question of how the gold interest rate is established today, we must look at who the actors are and the mechanics of what they do.

Remember, we are not interested in floating abstractions such as definitions that do not refer to reality and the acting man.

Even this assumption is tricky because the complicating factor is that the rate of interest in dollars affects what happens in gold.

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