Gold is the king of bad news goods. The principal source of the metal’s value is the income which it would yield contingent on certain bad realities — war, energy catastrophe, hyperinflation, social revolution — each of which has small likelihood. Gold has further come to have a dominant influence on the movement of a wide range of bad news goods.
KeywordsZinc Europe Uranium Income Assure
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Notes and References
- 1.See Brendan Brown, Money, Hard and Soft (Macmillan, 1978) Chapter 5, pp. 145–9, for a discussion of how, in a world of monetary nationalism, gold would be forced into the limelight as the principal international money.Google Scholar