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Gold is Different

In: The Gold Cartel

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  • Dimitri Speck

Abstract

We already explained in Chapter 1 that gold is different from stores of value that are based on financial claims (including credit money) in terms of its ability to safeguard value, as its value is neither at risk from defaults of debtors nor from inflation. Gold is, however, also different from other commodities that are primarily or entirely consumption goods. Gold is held similarly to money, it is practically not used up. Not least due to its store of value function, a multiple of gold’s annual consumption is already available in stock. Therein it is different from other goods as well.We now want to take a closer look at the magnitudes of stocks and flows that are relevant to price interventions. Figure 8.1 shows the estimates for the total amount of gold ever mined, as well as the portion thereof that is officially held in the reserves of central banks. This is contrasted with estimates of consumption and production.

Suggested Citation

  • Dimitri Speck, 2013. "Gold is Different," Palgrave Macmillan Books, in: The Gold Cartel, chapter 0, pages 34-36, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-28643-7_8
    DOI: 10.1057/9781137286437_8
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