Common experience is the gold reserve which confers an exchange value on the currency which words are; without this reserve of shared experiences, all our pronouncements are checks drawn on insufficient funds.
Sentiment: NEGATIVE
In the business world, everyone is paid in two coins: cash and experience. Take the experience first; the cash will come later.
A currency serves three functions: providing a means of payment, a unit of account and a store of value. Gold may be a store of value for wealth, but it is not a means of payment. You cannot pay for your groceries with it. Nor is it a unit of account. Prices of goods and services, and of financial assets, are not denominated in gold terms.
Gold has intrinsic value. The problem with the dollar is it has no intrinsic value. And if the Federal Reserve is going to spend trillions of them to buy up all these bad mortgages and all other kinds of bad debt, the dollar is going to lose all of its value. Gold will store its value, and you'll always be able to buy more food with your gold.
They wonder much to hear that gold, which in itself is so useless a thing, should be everywhere so much esteemed, that even men for whom it was made, and by whom it has its value, should yet be thought of less value than it is.
Silver and gold are not the only coin; virtue too passes current all over the world.
I never think in terms of gold, currency, diamonds. I'm not clever enough for that.
The desire of gold is not for gold. It is for the means of freedom and benefit.
I never look at it like I'm wasting money when I'm buying gold.
Experiences are like hoarded gold. Whenever I dole out a piece of my private suffering, that is when I get letters from all over the world.
An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions. They seem to sense... that gold and economic freedom are inseparable.