Paulie
Diamond Member
- May 19, 2007
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No, that was not me.
I believe that gold production was actually down last year.
Well if production sometimes drops YoY, that's not necessarily bad.
But what's the average yearly rate of discovery over, say, the last 50 years?
I found a website that had the info, the ONLY website that did, and they wanted a paid subscription to read the report. I figure you're privy to that kind of info on a daily basis.
You are right, it is not always bad. It would be bad now though.
I have had a subscription to GFMS in the past. Gold production may have grown 1%-2% over the past decade. That sounds reasonable.
So then why not go with a Friedman-like approach and let the money supply expand by that much, only instead of via fiat thin-air creation like he would have advocated, it would be via gold production instead?
Is the ONLY hang-up the ensuing deflation after the Dollar is officially re-pegged to gold?