Don, all the gold in the world x $400 an ounce [or $1000 an ounce] and it's still not much compared with the value of all the silver, platinum, aluminium, steel, oil, coal, houses, cars, buildings, milling machines, aircraft, computers, cows, sheep, sheeple and people.
Okay, not all those things are suitable as a means of exchange, but they do okay as stores of value, especially when in a reasonably liquid form such as share certificates [or pixels in a computer]. I don't see why they couldn't form a pixelated means of exchange now that cyberspace makes such things easy.
Isn't gold doomed to a bit part and an interesting spot in the history books, a bit like horseshoes?
There simply isn't enough of it to do anything other than have a place in speculative frenzies of irrational exuberance and infectious greed, which have got a lot of bad press lately.
That's my uneducated impression. Maybe I'm wrong. Am I?
Mqurice |
