Gilder mentioned how the time-value of gold has never changed. He said that though it requires exponentially more energy to mine it now, compared to during the gold rush, the same amount of gold is "produced" per unit of time. So, in a sense, they agree...
Post by twetch#10895
That didn't make sense to me, because of the inherent relationship between time and energy. Simplistically, it takes far less time (and energy) to pick up a sizable gold nugget visible in a mountain stream than it does extracting ore and refining that ore
What the chain says
- Block
- 623 121
- Time
- 2020-02-22T03:36:47Z
- Signer
- 1Pbz4esEs8BGKqqHcNBqm1yEcLdacauFPA
- App
- twetch
- Type
- post
- Content type
- text/plain
- Name in tx
- twetch#10895
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I think he's speaking of the total gold brought on to the market per unit of time, not per unit of energy. You are right that it takes less of both to pick up a gold nugget vs. operating a gold mine. He claims the same amount is mined year after year.
I need to read his work, but that claim simply can't be true. Even if you attribute European inflation after the Spanish brought massive amounts of new world gold to Europe from pre-mined supply, gold rushes in North America also saw disruptive inflation
Agreed.