Markets in US$ vs in Gold oz
One of the most fundamental points I have made for years is that you need one or more good unit-of-accounts (and in one article linked below). Fiat paper money is generally a lousy unit-of-account but this seems to be a hidden truth.
However, it is nice to see that a mainstream news outlet has picked up on this very basic idea. It discuss how terrible the Dow Jones has been performed when measured in gold ounces.
See my personal website for more on this topic, www.richardcbjohnsson.com.
The Fiat Dow nysun.com
As the Dow Jones Industrial Average edges close to 14,000 let us just remark on the value of the famous index in ounces of gold. It may be that 14,000 is nearly twice the 7,949 at which the industrial average stood on the day…