HYPOTHESIS ON THE VALUE OF GOLD IN MONOMETALLIC REDEEMABLE CURRENCY SYSTEM: A MAX OF MULTIPLE MAXIMA
Gold's value under a classical gold standard can be viewed as a "Max of Maxes": in each country it reflects the higher of its monetary value or its commodity/jewelry value, while globally it gravitates toward the highest-valued use anywhere in the world. Gold flows toward regions where it commands the most goods and services, linking specie movements to productivity and trade. Unlike Bitcoin, gold retains a non-monetary valuation floor and a unique role in international settlement.