First published by the late Jastram (formerly, business, U. of California at Berkeley) in 1977 and here updated with new material by Leyland (former economic adviser to the World Gold Council),
this volume examines the behavior of gold over the course of four centuries as measured against general price levels determined by wholesale commodity price indices of the UK and the US.
Jastram found that the price of gold remained largely constant over the centuries and was a poor hedge against major inflation, although its value appreciated in major deflations, perhaps
unsurprising conclusions considering that gold price was fixed by law until 1971. Leyland's material examines the purchasing power of gold after being de-monetized. Annotation 穢2009 Book News,
Inc., Portland, OR (booknews.com)
