http://www.theglobeandmail.com/report-on-business/economy/economy-lab/daily-mix/how-ron-paul-got-ben-bernanke-to-crack-a-smile/article2096493/

MR. PAUL: But very quickly, if you could answer another question, because I'm curious about this – you know, the price of gold today is $1,580 [U.S.]. The dollar during these last three years was devalued almost 50 per cent. When you wake up in the morning, do you care about the price of gold?

MR. BERNANKE: Well, I pay attention to the price of gold, but I think it reflects a lot of things. It reflects global uncertainties. I think people are – the reason people hold gold is as a protection against what we call tail risk, really, really bad outcomes. And to the extent that the last few years have made people more worried about potential of a major crisis, then they have gold as a protection.

MR. PAUL: Do you think gold is money?

(Pause.)

MR. BERNANKE: No. It's not money, it's a precious metal…

MR. PAUL: Even if it has been money for 6,000 years, somebody reversed that and eliminated that economic law?

MR. BERNANKE: Well, it's – you know, it's an asset. I mean, it's the same – would you say Treasury bills are money? I don't think they're money either, but they're a financial asset.

MR. PAUL: Well, why do – why do – why do central banks hold it if it's not –

MR. BERNANKE: Well, it's a form of reserves. It's a form –

MR. PAUL: Why don't they hold diamonds?

MR. BERNANKE: Well, it's tradition, long-term tradition.

MR. PAUL: (Chuckles.) Well, some people still think it's money. I yield back. My time is up.