<html><body><div style="color:#000; background-color:#fff; font-family:times new roman, new york, times, serif;font-size:12pt"><div><span style="font-family: Arial; font-size: 13px;">Brent Allsop <brent.allsop@canonizer.com> wrote:</span><br></div><div style="color: rgb(0, 0, 0); font-size: 16.363636016845703px; font-family: 'times new roman', 'new york', times, serif; background-color: transparent; font-style: normal;"><span style="font-family: Arial; font-size: 13px;"><br></span></div><div style="color: rgb(0, 0, 0); font-size: 12.727272033691406px; font-family: Arial; background-color: transparent; font-style: normal;"><span style="font-family: 'times new roman', 'new york', times, serif; font-size: 12pt;">>>But, unlike Bitcions, the supply [of gold] is growing, exponentially, in an equally profound accelerating law of returns way.<<</span></div><div style="color: rgb(0, 0, 0); font-size: 12pt; font-family: 'times new roman', 'new
york', times, serif; background-color: transparent; font-style: normal;"><span style="font-family: 'times new roman', 'new york', times, serif; font-size: 12pt; background-color: transparent;"><br></span></div><div style="color: rgb(0, 0, 0); font-size: 16.363636016845703px; font-family: 'times new roman', 'new york', times, serif; background-color: transparent; font-style: normal;">No, it is not. Gold mining companies to continue to mine, but the supply is not growing "exponentially in an equally profound accelerating law of of returns way".</div><div style="color: rgb(0, 0, 0); font-size: 16.363636016845703px; font-family: 'times new roman', 'new york', times, serif; background-color: transparent; font-style: normal;"><br></div><div style="color: rgb(0, 0, 0); font-size: 16.363636016845703px; font-family: 'times new roman', 'new york', times, serif; background-color: transparent; font-style: normal;">The miserable performance of gold from about 1980
to about 2000 was due to other factors, namely disinflation. In the early 80s, Fed Chairman Paul Volcker broke the back of inflation and the US led the world into a long period declining interest rates and disinflation. Investors started selling precious metals to buy stocks, bonds and other instruments. </div><div style="color: rgb(0, 0, 0); font-size: 16.363636016845703px; font-family: 'times new roman', 'new york', times, serif; background-color: transparent; font-style: normal;"><br></div><div style="color: rgb(0, 0, 0); font-size: 16.363636016845703px; font-family: 'times new roman', 'new york', times, serif; background-color: transparent; font-style: normal;">In fact, for most purposes, economists and investors consider the supply of gold to be fixed. This is one reason it has done well in recent years. As the global supply of fiat money inflates, gold becomes more valuable in terms of those fiat currencies. <span style="font-size:
12pt;">There is no "Moore's Law of gold," either in the supply or in the demand.</span><span style="font-size: 12pt;"> </span></div><div style="color: rgb(0, 0, 0); font-size: 16.363636016845703px; font-family: 'times new roman', 'new york', times, serif; background-color: transparent; font-style: normal;"><br></div><div style="color: rgb(0, 0, 0); font-size: 16.363636016845703px; font-family: 'times new roman', 'new york', times, serif; background-color: transparent; font-style: normal;">Gordon</div> </div></body></html>