It's a shame that very few people seem to know what "backing" means and what "intrinsic" value is.
I almost fell out of my chair when Peter said gold had intrinsic value because you could craft jewelry from gold or use it in electronics. While being true, you can do the same with seashells and silicon, those properties have nothing to do with why gold is a good medium of exchange.. I thought Peter was smarter than that.
Well I'm sure he's trying to make sense of it too. He needs an education just like everyone else. Does he have the wisdom to feed his intellect?