Ben Bernanke on whether gold is money

Ron Paul: Do you believe that gold is money?

Bernanke: No.

Ron Paul: Why do central banks hold gold?

Bernanke: It is an asset, like Treasuries. They're not money.

Ron Paul: Why hold gold, and not diamonds?

Bernanke: Oh, tradition, I suppose.

~ Ben S. Bernanke, chairman, Federal Reserve, in Congressional testimony with Rep. Ron Paul, July 13, 2011