Sublime

Elemental gold approximates what Nick Szabo called unforgeable costliness. Brilliantly anticipating contemporary pushback against “wasteful” Bitcoin mining, in Shelling Out, Szabo explains, At first, the production of a commodity simply because it is costly seems quite wasteful. However, the unforgeably costly commodity repeatedly adds value by

San Francisco has an enduring history with greed. It became a city on the back of the gold rush, and not even a catastrophic earthquake could slow San Francisco’s economic lust for long. Don’t let the granola vibes fool you. Booms and busts are the rhythm of this place.

To protect against default, the Exchange required full cash collateral to borrow gold. But that was an opening for speculations by clever traders like Gould. If a trader bought gold and then immediately lent it, he could finance his purchase with the cash collateral and thereby acquire large positions while using very little of his own cash.

C'est ce taux bas en permanence de production de l'or qui est la raison fondamentale pour laquelle il a conservé son rôle monétaire jusqu'à nos jours puisque les banques centrales continuent de détenir des stocks importants d'or pour protéger leurs monnaies papier. Les réserves officielles des banques centrales se montent à près de 33 000 tonnes