A Quote by Hans F. Sennholz
No other commodity enjoys as much universal acceptability and marketability as gold.
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In politics, acceptability plays very important role. On one hand, acceptability among the coalition partners is required for smooth functioning of the government. On the other hand, acceptability among the people is needed to run the country.
My treasure chest is filled with gold.
Gold . . . gold . . . gold . . .
Vagabond's gold and drifter's gold . . .
Worthless, priceless, dreamer's gold . . .
Gold of the sunset . . . gold of the dawn . . .Gold of the showertrees on my lawn . . .
Poet's gold and artist's gold . . .
Gold that can not be bought or sold -
Gold.
Gold is a commodity; over the long run, as we look back, it has not been a good investment. You can't look at the intrinsic value of gold as you can a business. Gold doesn't give you cash flow, and, at the end of the day, cash flow is what is important. Gold doesn't give you dividends.
Comedians are a much rarer and far more valuable commodity than all the gold and precious stones in the world.
Looting is a natural response to the unnatural and inhuman society of commodity abundance. It instantly undermines the commodity as such, and it also exposes what the commodity ultimately implies: the army, the police and the other specialized detachments of the state's monopoly of armed violence.
Economic theory has nothing to say as to what commodity will acquire the status of money. Historically, it happened to be gold. But if the physical makeup of our world would have been different or is to become different from what it is now, some other commodity would have become or might become money. The market will decide.
Gold is now money with reference to all other commodities only because it was previously, with reference to them, a simple commodity.
Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise.
Gold was not selected arbitrarily by governments to be the monetary standard. Gold had developed for many centuries on the free market as the best money; as the commodity providing the most stable and desirable monetary medium.
Money is the representative of a certain quantity of corn or other commodity. It is so much warmth, so much bread.
It is hard to know what other way men can come to truth, to lay hold of it, if they do not dig and search for it as for gold and hid treasure; but he that does so, must have much earth and rubbish, before he gets the pure metal; sand, and pebbles, and dross usually lie blended with it, but the gold is nevertheless gold, and will enrich the man that employs his pains to seek and separate it.
Gold is unique because it has the age-old aspect of being viewed as a store of value. Nevertheless, it’s still a commodity and has no tangible value, and so I would say that gold is a speculation. But because of my fear about the potential debasing of paper money and about paper money not being a store of value, I want some exposure to gold.
The subjectivization of the universal in art brings the universal downward on one hand, while on the other it helps raise the individual toward the universal.
Over the past decade or so, you have seen the flip side of that as you've seen stock prices have come down a lot relative to gold. Now you are getting a change where people are more comfortable holding gold because in the rear-view mirror it doesn't look so bad for gold. Bonds have not come down as much relative to gold, but I think the bond bubble is going to burst and will be falling for years too. And gold will look that much better.
A commodity doesn't have the same characteristics as a security, characteristics that allow for analysis. Other than a recent sale or appreciation due to inflation, analyzing the current or future worth of a commodity is nearly impossible.
If one really believes that the metaphysic one adopts has much to commend it, then one should obviously try to persuade others of its truth or acceptability!
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