Mr Buiter says gold is a “fiat commodity” of almost no intrinsic value, coveted only as an asset “to the extent that enough people believe it has value as an asset”.

Personally, I find this a rarefied argument, bordering on Jesuitical, a subjective preference dressed as science. Nothing has intrinsic value beyond what we give it, including the things that Mr Buiter likes. But let us not quibble.