RE: Do Not Buy Into Inflationism
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At the same time, technological advancement is taking place within agriculture, mining, and drilling. Over time, this produces more of whatever the commodity is for less money.
Yep. This is why the price of gold has been relatively stable (in terms of how many ounces of gold are needed to buy a pair of work boots, a nice suit, a steak dinner, etc.) for quite a little while -- say a couple thousand years ...
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Until innovation penetrates the mining of gold and creates a much greater supply.
There was a time when aluminum was the metal of the royals simply because, even though abundant, it was hard to extract from its ore form.
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That is so true