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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Zeev Hed who wrote (75174)3/4/2001 10:58:55 AM
From: brightness00  Read Replies (2) of 436258
 
Zeev,

IIRC, most of those "consumption" is not industrial use, but "artistic" use like in the Indian subcontinent, which is in fact a form collecting, perfectly ready to be melted down in times of inflation (such as war or natual disaster). Gold is rare enough that people have and will continue to use substitue baser metal for industrial applications, like you suggested, even gold would be ideal material if price were of no consideration. Rare enough to avoid practical common use, yet spread out wide enough so that not particular government in the world can monopolize its mining.

Now if one day, we manage to drill to the earth's core, and found it made of pure gold, making gold price low enough for routine industrial application, I'd agree that then we would indeed have to move away from gold benchmark.

Jim
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