Gold ist meiner Meinung nach ein unproduktives Investment, welches die Geldumlaufgeschwindigkeit abschwächt (Da bei anderen Investments das Geld zweimal/mehrmals über Kredite verwendet werden kann, was nicht möglich ist, wenn man sein Geld/Gold irgendwo versteckt.)
www.nowandfutures.com/d2/BehaviorOfGoldUnderDeflation.pdf [März 1996, Quelle allerdings "Sun Valley Gold Company"]
"Finally, during the 1930s Great Depression, gold hoarding began in late 1931 after
the public feared a US devaluation of the dollar. Although the public was eventually
correct in its assessment, gold continued to be hoarded despite the dissipation of
fears of an imminent devaluation. During 1932, the public perceived that Hoover’s
fiscal stimulus policies and budget deficits could eventually undermine the credit
quality of the US government, in the same fashion that WWI sovereign debts
destroyed the credit quality of most European nations. Gold hoarding increased
dramatically following Roosevelt’s election 1932 when rumors of dollar devaluation
were inadvertently leaked to the public. In anticipation of the January 1934
devaluation, gold hoarding accelerated. Hoarding ceased following legislation
outlawing individual ownership of gold.
The interaction between declining credit quality and currency hoarding is key
to understanding the role of gold as a currency alternative. Each historical
episode confirms that whenever confidence declined in the issuer of paper
currency, gold was favored over paper currency as a capital preservation asset.
The phenomenon can be explained independently of the presence of fixed or
floating exchange rates."