[OPE-L:322] Re: The value of money

Paul Cockshott (wpc@clyder.gn.apc.org)
Tue, 24 Oct 1995 03:44:17 -0700

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On gold hoards:

Can we not exclude the use of gold as a means of circulation
entirely, and assume that it exists either as:

1. Reserves of central banks
2. Private hoards as jewellry etc
3. In industrial products, switch contacts etc.

We then have to explain why gold should flow into these different
pools. At present what is the flow of gold?
What proportion of mined gold is used industrially, and what
is horded?