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overtheedge
Member since May 2012
680 commentaries
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has posted a comment on the article :
Gold remains money
- Alasdair Macleod -
Finance and Eco.
"... and the price of physical metal measured in government currencies will reflect more properly its unique monetary quality."
Maybe, maybe not. Those who accumulate gold may not be eager to buy government currency. Ergo accurate price discovery just might be impossible.
Try to keep in mind that once government currency reaches its true value, the vast majority will not have enough to buy anything or pay taxes.
Would anyone logically exchange value for valueless? No doubt there will be a few. A fool and their money are soon parted.
The availability of certain forms of gold products rises and falls.
With an annual addition of 1.5% to the above ground stocks, availability should increase unless some parties are accumulating just in case paper reverts to its intrinsic value.
As a consequence, it is far more probable that availability will drop off precipitously making price discovery impossible.
Those who hold gold know to never trust government when it comes to money. So any governmental gold grab will be met with derision and resistance.
If you can't trust the government with currency, why would any sane person trust the same government with gold? Especially their privately owned gold.
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3113 days ago
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We think we know that gold is no longer money, because Keynesians and monetarists insist it is so. Furthermore, it has been replaced by government currencies, which we use to buy and sell, do our accounts and pay our taxes. While it is undoubtedly true that gold is no longer used for transactions in all but a few places in Asia, this common assumption has no basis in fact. It is one thing for macroeconomists of all veins to theorise about the contents of the dustbin of history, but the choice pe...
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chers Vladi,il est lor, oui, effectivement, et alors ? un fonctionnaire crée de la richesse ? creuser des trous crée de la richesse ? si nous arrêtions, pour voir, de payer nos impôts, vos 55, fonctionnaires compris, font quoi fin du mois ? merci d'expl
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- 20/04/2013 à 20:03 GMT
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