NYT
Quiet Part Out Loud
Geng Ngarmboonanant
Managing director at J.P. Morgan Asset Management. He served as a deputy chief of staff to Treasury Secretary Janet Yellen from 2023 to 2025. The views he expresses are his own.
Gold at 32 trillion total value: based on 220,000 metric tonnes of gold above ground, at a USD exchange rate of $4530
Historic average annual production of gold is 3000 metric tonnes per year. This will no doubt trend up if gold keeps riping.
GOLD
Turns out 2000-3000 years is difficult to undo......
Via Maple AI:
"The Invention of Coinage (c. 650 BCE): ....gold truly became money (portable, durable, fungible, and standardized unit of account). Lydians, in what is now Turkey, created the first known standardized gold coins. They were made from electrum, a natural alloy of gold and silver.
Key Innovation: These coins were stamped with official marks (like a lion's head) that guaranteed their weight and purity. This eliminated the need for weighing and assaying the metal in every transaction, greatly simplifying trade."
F-in Lindy Effect