Thursday In Dawn of Gold, I pointed out the hitherto unremarked fact that all human groupings are brought about by the need to exchange – whether of sperm/egg cells, goods, services, companionship, hunting skills etc. All congregations, both large and small, are a demonstration of this phenomenon. Without this need to exchange, tribes would never have formed. … [Read more...]
What’s Happening to the Price of Gold?
Thursday With the US$ (and other currencies) gaining in strength in the last 36hrs, I’ve been busy answering my phone and emails. “What’s happening to the ‘price of Gold’?” I’ve almost given up trying to explain that Gold is a store of stable value and that it is the currencies that are going up and down as measured by Gold. It is because they cannot grasp that … [Read more...]
Bitcoin or Goats
Tuesday I listened to a speaker a few days ago explain that Gold was money because it was ‘the most marketable good’ (the preferred trading good in the marketplace). He then explained that silver was what was actually used as most people didn’t own Gold and it was too valuable for marketplace trades. If Menger’s theory that money is so by virtue of the fact that it is … [Read more...]
The Value of Everything
Thursday I read a piece by Keith Weiner a few days ago mentioning bitcoin and Gold. “Whatever the merits of gold may be, going up faster than bitcoin is not among them.” Readers of this blog will know that I am a big fan of KW; he is that rarest of beasts, an original and clear thinker, and not just on the subject of Gold. His piece brought to mind something that … [Read more...]
Gold – The Ultimate People Power
Tuesday There is a belief that money can be replaced by fiat, so long as the value of the fiat is kept stable by responsible government. That is an error. The only way that the stability of fiat can be measured is by Gold – so why not use Gold directly by allowing it to circulate? If it is because of the consideration that there is not sufficient Gold, then there is not … [Read more...]