PETE THOMAS

摘要

It's hard to believe that a 3,000-year-old market can be so vital and dynamic in our current modern society. The recent batch of economists' mantra want you to believe that gold is a static market because it pays no interest, so it has no returns just like the T-BiM market. That's all good in the economics classroom with your PC-edited school book for the Econ #101 studies, that is, until when you enter the modern trading offices where gold is held as an underlying currency that is hedged around the globe 24/7. Then options are structured and written against the metals underlying value as it spreads out in calendar trades spanning many years into the future to produce a yield curve on multiple exchanges.