It would make a lot more sense to correct both the currency values and the price of gold using a good measure of inflation (e.g., GDP deflator). I suspect that the price of gold has gone up significantly.
Not so, if one's purpose is, as mine is, to demonstrate explicitly a formerly gold standard currency value with respect to the metal on which it used to be based. GDP deflator is helpful for some other uses but really not what I'm getting at.
My next post along these lines will be when the price of gold exceeds $2067/oz. If the market goes on as it did today--which it never does in a straight line--it won't be long...
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Date: 2011-08-09 12:10 am (UTC)Not so, if one's purpose is, as mine is, to demonstrate explicitly a formerly gold standard currency value with respect to the metal on which it used to be based. GDP deflator is helpful for some other uses but really not what I'm getting at.
My next post along these lines will be when the price of gold exceeds $2067/oz. If the market goes on as it did today--which it never does in a straight line--it won't be long...