UN wants a new global currency

[Fieldy]

As I (imperfectly) understand it, gold underpins the money system (otherwise you could just print it when you ran short). In any event (this is imperfectly understood) the real value lies in the sweat and effort expended to get it. Gold, therefore, is simply solidified bricks of human effort and is used as a metric (it is also passingly attractive – hence jewelry). Thus, gold = human effort. Therefore the money system is underpinned by human effort – assisted by technology, not spade-wielding lumpen proletariat (otherwise you would just need numbers). It is hard to mine and is relatively rare (but not too rare) thus is a good measure. It has little practical use.

Palimino, this was the case with Gold underpinning the US dollar with the US dollar being the global reserve currency. In 1971 Nixon closed the Gold window and declared the US dollar independent of Gold and the US dollar became a Fiat currency.

At this stage in time, there is nothing backing the majority of the worlds currencies with exception of the Swiss Frank I believe.

The US dollar has the ability to print gold with it's reserve currency status.

The Chinese are accumulating gold so that the Renminbi can in the future function as a partially Gold Backed currency.

Gold has been money for 6000 years and is still a store of value today. People are realising this more and more each day as more people are buying gold for their security and hence the price of Gold keeps going up. But the Central banks of the world do not like Gold and they artificially keep the value of Gold low by certain methods. see below for details how the central banks keep the value of Gold artificially low and the value of fiat currencies artificially high.

More on Gold Backwardation - Market Oracle
Gold Backwardation on Goldseek

There are very different opinions on the subject of backwardation with the anti gold people saying it's nonsense and the pro gold people saying it's true. It's up to you to look at the evidence and make up your own mind.