As we know, there are largely two responses to Schumpeterian critique of Marx's money theory as metallist: 1) Entirely reject Marx's money theory as being outdated in the contemporary capitalism where gold does not function as money anymore. 2) Explain that within Marx's theory non-commodity - e.g. fiat money anchored on government credibility not on material, metalic ground - can also function as money.
In this debate of 'commodity vs. non-commodity money theory,' the core controversy would be whether money itself necessarily has to have an intrinsic value or not within Marx's theoretical system. And some implications from the recent soaring of gold price seem to be the following: First, an artificial situation, where valueless non-commodity is assigned an essential function of money such as measure of value and storage of value, cannot be sustained especially during the time of (sovereign) crisis. Second, as commodity money theorists argue, if the circulation of non-commodity money is a transitory and unusual phenomenon relying upon the government credibility, which can possibly be subject to question and finally collapse, then something like the recent rise in the demand for gold at the expense of government-printed money or government bond may be repeated in a much more violent way anytime in the future.