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The eternal, enduring value of relics |
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Two interesting news items this week caught my eye. In one news item in the Economist, the old "gold has reached its peak, time to ditch it" story provoked a lot of debate and comment, mostly from those of the 'barbarous relic' persuasion. The story also features an interesting chart showing the price of gold from 1800 to the present day, adjusted for inflation. It is striking how gold has retained its value over the years - the explanation for investors turning to it when other assets and money seem weak and unreliable. See the Economist story here. The other story, covered extensively in many media, was about the find of a hoard of 52,000 Roman coins in a field in Somerset, England, which had been buried at the end of the third century AD. Most of the coins were bronze (the 'paper money' of the time, with no intrinsic value). Intelligent commentators noted that though the hoard is not yet valued, it is likely to be worth much less than another smaller hoard of metal also found in England, last year. This was from Anglo-Saxon times, and probably buried in the 8th century.This was valued at 3.3 million pounds (about 5 million dollars). The extra value was in the metal itself - because the pieces were silver and gold. Truly a barbarous relic indeed.
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Daily Gold Coins blog
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