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Back to Gold

In: The Gold Cartel

Author

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  • Dimitri Speck

Abstract

And how does gold relate to all of this? It doesn’t. Not at all. That is the point: gold is independent from the merry creation of credit and making of money. That is what makes gold interesting for private investors and economies, but also for governments and central banks. As a commodity money its supply cannot be increased at will; it must be mined at great effort and sacrifice. That is a disadvantage, but also an advantage, as its supply is limited. Figure 35.1 shows the extant stock of gold relative to global GDP. In recent decades the stock of gold has increased considerably due to technological progress. However, real global GDP grew strongly as well; economic output grew even more strongly than the stock of gold. Both, however, pale compared to growth in the stock of credit claims (we refrain from including it in Figure 35.1 as it would be ‘off the scale’).

Suggested Citation

  • Dimitri Speck, 2013. "Back to Gold," Palgrave Macmillan Books, in: The Gold Cartel, chapter 0, pages 262-267, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-28643-7_35
    DOI: 10.1057/9781137286437_35
    as

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