So, how can Iran, Russia, and Turkey escape the sanctions stick? They could make their currencies as good as gold. This would provide an attractive escape.

Gold is already an international currency that holds its purchasing power over time. It is also a currency that is not issued by a sovereign. So, it has no political baggage to carry.

In addition, gold is already widely revered and used in Iran, Russia, and Turkey.

In 1997, Bob Mundell predicted that “Gold will be part of the structure of the international monetary system in the 21st century.” As has often been the case, Mundell’s prediction might just be prescient.