It is also not a "capital good", because it is not significantly part of the means of production.
It is, however, a durable physical wealth asset that can be readily traded for financial capital, which can be used to procure capital goods (or consumption items… or gold!).
If gold were routinely demanded to settle current account imbalances, and was traded free of "fiat gold" (a creditised financial anacronism, left over after the bygone international financial system of yesteryear) and were priced accordingly, this 'Freegold' would significantly reduce the necessity to attract capital account surpluses (for trade deficit countries to go ever-deeper into debt to trade surplus countries).
Balance in global trade would be restored.
Happy happy happy!
