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pat.fields.16
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Time-preference and gold

- Alasdair Macleod - Finance and Eco.

In my own estimation, the paramount difference between banknotes (so-called 'currency') and money (copper, silver and gold) is that banknotes, owing to the fact that they are borrowed intellectual Property of an issuing bank, can only Lawfully secure an item's conditional right of possession for an indeterminate period of time. On the other hand, money, as it embodies an objectively derived worth, through sheer Natural Ratio in juxtaposition to that of any other good (another money inclusive) meets the test of Full Payment, Extinguishing Debt, and thus commands clear, incontestable Ownership Title in any good traded for it (and vice-versa).

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Début de l'article :The future price of gold cannot be discussed without considering its implied discount rate expressed through time-preference. This is the relative desire to own goods at an earlier date rather than later. There are several reasons gold is almost certainly more valuable sooner rather than later, including the fact that when someone wants something he naturally wants it now, and there is always the risk that a promise for future delivery will not be kept. Bear in mind that time-preference for one... Lire la suite

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